NeighborWorks Capital closed a $100,000 federal funding interruption bridge loan with Neighborhood Partnership Housing Services, Inc (NPHS) in February 2019. NC’s loan provided NPHS with funds to bridge the receipt of $325,000 in grant funds from the CDFI Fund and HUD that were expected in early January but were delayed due to the Federal Government shutdown that occurred 22 December 2018 to 25 January 2019. This delay impacts NPHS’s affordable housing programs and services as these funds directly support their affordable housing projects, down payment assistance programs, home improvement programs, small business lending, and administrative expenses. Our loan will enable NPHS to proceed as planned with their programs and services.
Our team had the opportunity to spend time with five members of NeighborWorks America serving communities in Boston and Providence. On this trip, we visited Codman Square Neighborhood Development Corporation, Nuestra Comunidad Development Corporation, Madison Park Development Corporation, ONE Neighborhood Builders, and Cambridge Neighborhood Apartment Housing Services. Each of these organizations is doing transformational work to create opportunities for people to live in affordable homes, improve their lives, and strengthen their communities.