NeighborWorks Capital closed a $580,000 construction loan for Community Housing Development Corp. of North Richmond (CHDC-NR) to build a new home on 43rd Street in the Longfellow neighborhood of Oakland, CA. CHDC-NR secured the vacant site from the City of Oakland in 2016, and will build a 3-bedroom, 1,725 SF home to sell at a market price. While this single home does not impact housing affordability in a very hot market – the sale price is expected to be in excess of $850,000 – the profits CHDC-NR will make from the sale will be reinvested in their other affordable housing projects in the East Bay.
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Lakes Region Community Developers | Bay Street Apartments
NeighborWorks Capital is pleased to extend a $673,000 construction-to-permanent loan to Lakes Region Community Developers for Bay Street Apartments.