Predevelopment supports Building Acquisition in upstate New York

NeighborWorks Capital funded a $424,000 predevelopment loan with Ithaca Neighborhood Housing Services, Inc. (INHS) in March 2020. This predevelopment loan provided them with additional funds to support the acquisition of six buildings (Verona Village) in Ovid, New York. Verona Village is a fully leased 46 apartment unit senior housing project with a HAP contract that covers all housing units. INHS plans to renovate the well-maintained 38 year old buildings, utilizing 9% Fed and State LIHTC with construction expected to begin in 2022 after securing a LIHTC award.