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.
Our team had the opportunity to spend time with five members of NeighborWorks America serving communities in Boston and Providence. On this trip, we visited Codman Square Neighborhood Development Corporation, Nuestra Comunidad Development Corporation, Madison Park Development Corporation, ONE Neighborhood Builders, and Cambridge Neighborhood Apartment Housing Services. Each of these organizations is doing transformational work to create opportunities for people to live in affordable homes, improve their lives, and strengthen their communities.