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.
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.