NeighborWorks Capital is pleased to extend a $1 million Predevelopment Line of Credit to Nuestra Comunidad Development Corporation (Nuestra) in the Roxbury neighborhood of Boston, MA. Funds will be used for land acquisition for rental and single-family development, acquisition of properties for preservation, and predevelopment expenses.
Roxbury has historically been a lower-income area of Boston. However, the redevelopment of the area is attracting more affluent residents. The rent burden continues to be high, with approximately 51% of all rental households paying more than 30% of their household income toward rent and approximately 25% of rental households paying more than 50% of their household income toward rent. The need for affordable housing is great as the Roxbury neighborhood continues to redevelop and attract more market-rate apartment developments, as evidenced by the 2,400 applications Nuestra received for its most recent development of 60 affordable housing units.
Nuestra currently holds a portfolio of a portfolio of 23 residential properties with a total of 704 units. The first project that Nuestra plans to use this line of credit for is Pleasant Hill, a joint venture that Nuestra is embarking on with the Pleasant Hill Missionary Baptist Church to construct 26 to 32 units of affordable rental housing and potentially 6 to 8 single-family homes.
Formed in 1981 by residents of the Dudley neighborhood, Nuestra’s mission is devoted to building wealth and enhancing the physical, economic, and social well-being of Roxbury and other underserved populations in greater Boston through a community-driven process that promotes self-sufficiency and neighborhood revitalization. Nuestra has been highly productive in providing affordable housing and expanding community building and engagement services in its market. From 2021 to 2022, the organization helped residents access over $1M in rental assistance, food, PPE, and other necessities. Nuestra also plays a role in helping to ensure the health and wellness of the neighborhood, which is disproportionately impacted by crime, health inequities, and other challenges.
NeighborWorks Capital has partnered with Nuestra since 2003, extending 7 prior loans to the organization. We are proud to continue our long-standing partnership with this line of credit to support their work to build homes, community, wealth, well-being, and opportunity for the residents of Roxbury and surrounding neighborhoods.
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.