NeighborWorks Capital funded a $1,700,000 predevelopment line of credit loan with St. Mary Development Corporation (St. Mary) in December 2020. This loan will be used for predevelopment activities for two current projects awarded 9% LIHTC in their development pipeline, Portsmouth Senior Lofts and Shawnee Lofts, in Ohio. This new predevelopment line of credit will allow St. Mary to draw funds for land acquisition prior to LIHTC construction closing. The line will remain open for future predevelopment uses, funding after LIHTC awards are secured.
Chief of Consulting
The Chief of Consulting (CC) is a member of the senior management team and has overall responsibility for the startup and buildout of a consulting business focused on the affordable housing and community development industry. The CC will need to be an entrepreneur at heart but also be able to work as part of a team. The CC is a critical strategic partner for the Chief Executive Officer (CEO) and will report directly to the CEO.