Predevelopment line of credit used to support multiple projects

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NeighborWorks Capital closed a $400,000 predevelopment loan with Arbor Housing and Development in December 2019. This loan will help finance the predevelopment costs for the St. James Apartments in Pennsylvania and Bath Empire State Supportive Housing Initiative (ESSHI) projects in New York. The St. James Apartments will provide 44 LIHTC apartments for individuals and families. Bath ESSHI is a new construction project that will consist of 64 apartments serving households who meet the income criteria for affordable housing. The development’s special populations will include homeless individuals with a severe mental illness, survivors of domestic violence, and those with a substance use disorder.  

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