Predevelopment Line of Credit | Providence Community Housing

NeighborWorks Capital is pleased to provide a $2,000,000 revolving line of credit to Providence Community Housing to support new and existing predevelopment projects in New Orleans, LA. 

Providence Community Housing plans to use this funding to resyndicate four existing projects and one new construction project.  Demand for affordable housing in the urban neighborhoods of New Orleans has remained high since the devastation caused by Hurricane Katrina in 2006. The four existing properties all have strong occupancies of 92% or higher, which suggests sufficient demand for them to be funded under this line of credit, allowing Providence Community Housing to continue operating and maintaining these properties and serving its community. 

Providence Community Housing was initially established in 2006 in the wake of Hurricane Katrina with a mission to transform lives and communities in New Orleans through the development and preservation of affordable homes while connecting individuals and families to opportunities that enhance their quality of life. Its goal is to produce new units of long-term affordable housing, preserve long-term affordability, and empower strong communities throughout the Greater New Orleans area. Providence Community Housing’s primary business line is real estate development. The organization also provides case management to residents to help them navigate insurance, medical, mental health, and rehabilitative needs.  

This is the second loan NeighborWorks Capital has extended to Providence Community Housing, and we are proud to partner with this organization again as they continue to build, preserve, and operate communities for their residents.