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.
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.