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 and National Equity Fund Announce LIHTC Equity Fund to Empower Partner Organizations
The innovative fund, exclusive to members of the NeighborWorks America network, will provide LIHTC equity with equitable, consistent terms, helping create and preserve more affordable housing across the country.