In November of 2025, NeighborWorks Capital and National Equity Fund (NEF) launched the inaugural NeighborWorks Capital Equity Fund, a first-of-its-kind LIHTC equity fund to exclusively provide NeighborWorks organizations (NWOs) with a set of standardized Low Income Housing Tax Credit (LIHTC) terms on par with those typically reserved for only the largest for-profit national developers. The fund is an exclusive opportunity for NWOs to claim their space as the premier producer of affordable multifamily housing and receive consistent terms on LIHTC equity.
One of the first organizations to partner with NeighborWorks Capital and NEF through the Fund is Connecticut Housing Partners (CHP), based in Trumbull, Connecticut. Founded in 1990, CHP works to create and sustain housing, revitalize neighborhoods, and enhance the quality of life for low- and moderate-income residents in Connecticut. Its work is centered in seeking to provide high-quality, stable housing and to create communities that enrich the lives of its residents so they can enjoy full and happy lives.
We had the opportunity to speak with Steve Gulick, Executive Vice President, Real Estate, and Cathy Petracone, Senior Vice President, Real Estate, about CHP’s rehabilitation of Yale Street Commons and the impact this Fund will have on the project and its residents.
Yale Street Commons, located in the west end of Bridgeport, CT, was built in 1998 to offer affordable housing for low– to medium-income families in the area. The property consists of four residential buildings with 44 one–, two–, and three-bedroom units. Financing through the Fund will support an extensive interior renovation of all four buildings. “We’re going to replace all the doors, windows, appliances, garage doors, and redo the bathrooms, kitchens, and flooring – we’re basically taking things down to the sheetrock,” said Gulick.
Construction will be completed in four phases – one phase for each building – and each phase will take approximately three months to complete. During the renovation, residents will be relocated to another CHP property nearby. The organization has secured a 4% LIHTC credit for this rehabilitation and plans to close on the project by the end of July 2026.
Petracone talked about the positive impact this renovation will have on its residents. “We are always looking to improve the living situations of our tenants. Because this property is an existing LIHTC project, we only have the opportunity to do this every 20 years. In affordable housing, we rely on public funding, so this is our opportunity to maximize resources to the best of our ability.” She went on to explain how they assess the needs of the property to ensure they provide the best living experience for its residents. “Not only do we address the items that were flagged in the capital needs assessment, we also take a look at the whole project to see what upgrades we can do to units to modernize them and make them more ADA compliant. In this particular project, we have a large community room that will also be rehabilitated so that tenants can use the space for their events.”
NeighborWorks Capital is pleased to support CHP and their mission as it continues to provide high-quality, affordable housing solutions to meet the unique needs of its community members. Through the Fund, organizations like CHP can access the capital they need to preserve critical affordable housing assets, ensuring that residents of Yale Street Commons will benefit from safe, modern homes and vibrant community spaces for years to come.
