We extended new borrower CDC of Tampa (CDCT) a $1 million revolving line of credit to help acquire and rehabilitate single-family homes in the Tampa, Florida, metropolitan area. This urban infill development will serve a critical need as they are resold to moderate-income households.
We made a $5.4 million loan to Avenue CDC to preserve affordable apartments in the Northline neighborhood of Houston, TX. NC offered more leverage than a traditional bank, which will allow Avenue to stretch their investment, and pursue new development opportunities.
Our long-standing customer Community HousingWorks (CHW) opened its newly built North Park Senior Apartments development in San Diego in late April. We provided $1.5 million of capital to a $4.6 million site acquisition loan from Community Housing Capital. It is one of only seven LGBT-affirming home developments in the U.S., and the first in San Diego.
In response to various natural disasters during 2017 the NeighborWorks Capital Lending Team developed two loan products that are immediately available and can assist NeighborWorks organizations operating in communities impacted by recent and future hurricanes, tornadoes, wildfires and other natural disasters.
In a competitive funding round, where applicants requested more than three times the amount available, NeighborWorks Capital was successful to receive a grant award for the sixth time from the U.S. Treasury's CDFI Fund.