Fifth Avenue Committee (FAC)’s latest development will bring affordable homes for seniors to Brooklyn’s Sunset Park for the first time in nearly a decade.
“The housing crisis is especially acute for low-income seniors, so we wanted to focus on providing homes for them,” said FAC Project Manager Vincent DeCesare.
The proposed project would provide 84 affordable apartments for very-low income seniors in the immigrant-dense neighborhood southwest of Park Slope and Red Hook. Fifth Avenue Committee reached out to NeighborWorks Capital for a $400,000 loan for predevelopment costs for the new construction and rehab project in advance of securing a LIHTC allocation.
For the last few years, wildfires have brought chaos and confusion to Northern California, often affecting low-income residents the most deeply. Eden Housing, which has served this population for 51 years, knows that being prepared can mitigate the risks to residents and staff, especially as wildfires become more frequent.
In the span of just a few weeks this fall, two of its properties in Northern California were threatened by the Kincade wildfire, and others experienced power outages, which local authorities had implemented as fire prevention. Thanks to its planning and preparedness, Eden was able to evacuate their residents—including seniors, families and disabled residents—with no serious injuries.
“It was incredible to see,” said Daniela Ogden, Eden Housing’s Vice President of Communications, Advocacy, and Fund Development. “Our staff is so committed. Eden is all about community, and I think this really demonstrated that.”
Learn more about the evacuations, Eden’s five best practices for disaster prep and additional resources from NeighborWorks America.
To celebrate the groundbreaking for Country Club Estates in Montgomery, AL, community members and financing partners—including NeighborWorks Capital’s Senior Loan Officer Emily Dorfman—joined developers Gulf Coast Housing Partnership (GCHP) and Volunteers of America Southeast (VOASE).
The $12.6 million project will transform a vacant site in Montgomery into 62 new one-and two-bedroom apartments for seniors with incomes of $32,000 to $40,000 (50-60% AMI), with 16 apartments set aside for veterans and four for disabled individuals. NC has committed a $680,000 permanent loan for the development, which will help meet the significant demand for high-quality affordable homes for seniors and individuals with disabilities.
This year, NeighborWorks America celebrates its 40th anniversary of empowering individuals through its support of affordable housing, and transformation of neighborhoods through community development. NeighborWorks has built an inimitable network of 250 of the nation’s best community development organizations and invested $70 billion to help 4 million families with affordable homes. Nearly 1 million homes have been built, constructed, acquired and preserved by Network members.
Gaudenzia’s new Claymont treatment facility opened to much applause in late August. A leading treatment provider in high demand in one of the Delaware communities where the opioid crisis has hit hardest, Gaudenzia needed a new home when its previous 16-bed facility was forced to relocate.
As the demand for manufactured homes increases, we sat down with Stacey Epperson, President & Founder of Next Step Network to learn more about the benefits, opportunities, trends, impact on energy-efficiency, buyer-focused training, and importance of a new NeighborWorks America learning community.
More than 10 million American households spend more than half of their income on rent. As home prices rise, demand for manufactured and factory-built home development has increased, due to community acceptance, burgeoning financing market, and increased quality.
For the 20th year, NeighborWorks America is investing in our growth to support the financing needs of the NeighborWorks network. The NeighborWorks board and officers have approved a $2.4 million capital grant which we will leverage with $15 million in additional capital. Their continued equity investment has leveraged over $110 million in capital to date and will attract more investments to our CDFI to meet our five-year goal of doubling our lending capital. The board and staff of NeighborWorks Capital appreciate the continued partnership.
NC's Recap of the Asset Management Conference in June
Community Foods Market (CFM) developed a small-format grocery in the food desert of West Oakland, CA, which hasn’t had a full-service grocery in nearly 4 decades.
Short-term bridge loans help organizations with liquidity needed to complete projects and increase the pace of development.
Beth O’Leary has joined NeighborWorks Capital as our new Chief Portfolio Officer.
NC purchased a $3.4 million New Markets Tax Credit Leverage Loan participation for Community Ventures’ (CV) $21 million investment in The MET
NeighborWorks Capital provided a $1.5 million mezzanine loan to Community Housing Partners (CHP) to acquire the Kensington Village property in Winston-Salem, NC, which included CHP’s assumption of an existing $4.6M Freddie Mac mortgage.
NeighborWorks Capital is a Silver Sponsor of the Consortium for Housing and Asset Management (CHAM)’s Annual Conference, “Asset Management for Growth,” to be held June 17-19 at the Sheraton Grand in Nashville. The yearly event brings together more than 350 Asset Management professionals from over 35 states.
MHAGH breaks ground this week, adding to the nearly 200 affordable homes it’s developed in the Connecticut neighborhood it began in 30 years ago
How NeighborWorks Capital is helping affordable housing organizations access larger, undersecured loans for big projects
NWNH welcomes new CEO as current President & CEO Mosquera-Bruno steps down
CMHP Shares Lessons Learned from Decades of Successful Revitalization Projects
Helping Chinatown CDC rehabilitate a building in San Francisco
High Impact Redevelopment with NMTC in Lexington
High Impact Housing in Brooklyn, NY
We talked with home-builder NWO's about specific challenges they face - here is what they told us.
When the government shut down, NeighborWorks Capital was able to help organizations keep critical programs moving.
Remembering a beloved Board member
NC recently helped ACOF, one of the largest nonprofit affordable housing developers in Los Angeles County, by extending its $2 million acquisition loan and funding $500,000 in new predevelopment financing.
Bridging the gap during the Federal government shutdown
Starting with five properties, HHDC plans to add 200 affordable apartment homes annually
Hurricane Harvey caused billions in damages, destroying homes and lives. Avenue CDC is helping to expand housing options.
Meet the newest addition to the NeighborWorks Capital team
Bridging the gap of grant funds during the Federal government shutdown
Smaller scale projects still make a significant impact on families who struggle with affordable housing options.
All of us are seeing the impact of the shutdown in our communities – impacting homeowners, renters, friends, neighbors, and the organizations that are critical to delivering services and affordable housing. NeighborWorks Capital is here to provide some assistance. NC is offering short-term bridge loans to NeighborWorks network members who are experiencing delays in funding or reimbursements from federal contracts or grants for affordable housing programs (Section 8 and RHS rental assistance, capital funding for construction, and other rental or single-family programs) or that assist people or partners in your community.
High Impact Redevelopment in Hudson Valley with RUPCO
Nevada HAND refinances into a better opportunity with NC
Helping LRCD create affordable housing options in New Hampshire
This loan will help HPI have an immediate impact in stabilizing homes and preparing them for affordable homeownership opportunities while rental income will cover the carrying costs of holding the property throughout the term of the loan.
Three loans from NC helped CDCB acquire and preserve much-needed affordable rental housing in a deeply impoverished community in southern Texas
Providing Enterprise Capital to the NeighborWorks Network
Looking Ahead: Our Vision for the Next Five Years
Peoples’ Self-Help Housing (PSHH) came to us for the first time with back-to-back projects in tough markets, one urban and one rural/agricultural.
With its Wilmington addiction treatment facility under pressure to relocate, leading provider Gaudenzia needed a new facility.
Find out how we helped them with a $3.15 million acquisition loan.
Find out how our quick turnaround helped them get the financing they needed.
Flexible financing got Spruce Ridge under construction
Affordable Housing in San Francisco gets a significant renovation
Updating affordable apartments in Mississippi
Golden Estates gets a golden upgrade
Updating apartments in Mississippi
CDHC-NR is building a home in Oakland to generate cash to invest in more homes in the Bay Area
We are pleased to welcome Tayani Suma and Fred Dodson, Jr.
We are proud to work with Lawrence CommunityWorks in Massachusetts to transform a former mill into into a mixed use development.
Revitalization of historic building expected to spur downtown development in Jackson, MS.
Tailored, flexible solutions help EBALDC meet skyrocketing cost, demand in one of the most expensive markets
Our 11th predevelopment loan to Homeport builds much-needed homes for seniors
NeighborWorks America has awarded NeighborWorks Capital $2.3 million in operating and capital grants to support the expansion of the loan fund.
Our $600,000 loan helped NWBRV purchase a historic factory out of bankruptcy. The site will have extensive environmental clean-up, protecting the adjacent Branch River. The loan, our third to NWBRV, supports their ongoing efforts to revitalize the historic towns of the Blackstone River Valley.
We reconnected with customer Rocky Mountain Communities (RMC) to finance a unique, two-part $3.25 million acquisition and predevelopment loan for two widely separate projects.
NeighborWorks Capital’s $6.5 million dual-use land acquisition loan helped AHC create affordable homes in one of the country’s most expensive markets
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.
Our first financing partnership with Coastal Enterprises, Inc. (CEI) is a participation for an acquisition of Brunswick Landing in Maine.
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.
NC welcomes new customer Oak Hill CDC.
- Addiction Treatment Facility
- Asset Management
- Bay Area
- Bridge loan
- Construction loan
- Enterprise-level Capital
- Executive Team
- Homeless Youth
- Line of Credit
- Manufactured housing
- mezzanine financing
- Mini-perm/ Permanent
- Mixed use
- Multifamily Line of Credit
- Neighborhood Revitalization
- NeighborWorks America
- NeighborWorks Capital
- New England
- New Hampshire
- New Jersey
- New York
- North Carolina
- Permanent loan
- Senior Housing
- Single Family Homes
- Single-family loans
- Stephen Peelor
- Strategic Growth Fund
- Strategic Plan
- Strength Matters
- Subordinate Financing
- Subordinate Loan
- Tax Credits
- Workforce Housing