Orchard Manor Apartments | Rural Communities Housing Development Corporation

Share This Post

Rural Communities Housing Development Corporation (RCHDC) recently closed on a $686,800 mini-perm loan with NeighborWorks Capital for Orchard Manor Apartments. The organization actively works to combat the shortfall of affordable housing in Mendocino County, CA by building additional units while preserving existing affordable housing in the area. RCHDC acquired Orchard Manor Apartments in 2002 to prevent the 64 units from being converted to market-rate housing. They used LIHTC equity proceeds to address the building’s deferred maintenance and secured a permanent first mortgage after the expiration of the LIHTC allocation. With the mortgage set to expire and a balloon payment due, RCHDC needed a better financing solution. NeighborWorks Capital provided a mini-perm loan to refinance the property’s existing mortgage while RCHDC works to secure rehabilitation financing on the property. 

Learn more about NeighborWorks Capital’s competitively priced, fixed-rate loan capital that is available to members of the NeighborWorks network. Visit our lending solutions page for more information. 

Subscribe To Our Newsletter

Stay up to date with NeighborWorks Capital

More To Explore

Announcing Our New Chief Growth Officer, Laura Altomare

We are pleased to announce that Laura Altomare has joined the NeighborWorks Capital leadership team as the organization’s first Chief Growth Officer. Laura has over 25 years of experience in the financial services sector, including nonprofit Community Development Financial Institution (CDFI) leadership and for-profit banking, investment management, and mortgage lending.

Read More »

Director, Green Initiatives

NeighborWorks Capital seeks a Director, Green Initiatives (Director) to build, implement, and manage the organization’s greenhouse gas reduction program. NeighborWorks Capital is a member of Climate United, a broad coalition organized to deploy federal investment from the Environmental Protection Agency (EPA)’s Greenhouse Gas Reduction Fund (GGRF) to support the equitable adoption of green technologies in communities across America, with an emphasis on serving low-income and disadvantaged communities (LIDACs).

Read More »