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.
NeighborWorks Capital Deploys $500 Million to Catalyze Affordable Housing Development
NeighborWorks Capital has achieved a milestone of $500 million in loan capital deployed to support the affordable housing development, economic development, neighborhood revitalization, and resident and community services work of NeighborWorks network organizations across the United States.