NeighborWorks Capital recently closed a $1,402,500 land acquisition loan to Community Resources and Housing Development Corp (CRHDC) for the purchase of 19 acres of vacant land in Alamosa, CO. The land is adjacent to Kiva Apartments and was sold as part of a five property portfolio (with two multifamily and two self-storage properties), creating a much larger footprint for CRHDC in Alamosa and the San Luis Valley. NC’s three-year loan allows CHRDC to develop a comprehensive commercial and residential development plan for the site, including selecting development partners for new commercial, hotel, and retail uses. This was NC’s third loan to CRHDC after more than 10 years.
NeighborWorks Capital has joined the Federal Home Loan Bank of Atlanta, a cooperative of eligible commercial banks, credit unions, savings institutions, community development financial institutions, and insurance companies that offers competitively-priced financing, as well as affordable housing and community development grants.