Prospect House | Neighborhood Development Services

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NeighborWorks Capital is proud to continue our long-term partnership with Neighborhood Development Services (NDS) by extending an increase to their existing loan to finance needed capital improvements to Prospect House, a 66-unit LIHTC affordable apartment development for seniors and non-elderly disabled tenants in Ravenna, OH.

NDS opened its doors in August 1985 under the name Ravenna Development Corporation and was originally founded to form an ongoing, private-public partnership to address the economic and community development needs of the City of Ravenna, Ohio. Since that time, NDS and the services it provides have expanded exponentially. They currently operate 29 affordable housing developments with 1,120 units across most of Northeast Ohio, including Ashtabula, Columbiana, Geauga, Lake, Mahoning, Portage, Stark, Summit, Trumbull, and Wayne Counties as well as portions of West Virginia and Michigan.

NDS’s services include Real Estate Development, Asset and Property Management, Commercial Lending, Housing Preservation, Loan Servicing and Portfolio Management, and Community-based Commercial Development. They have completed five affordable housing developments in the last three years and have been a leader in the revitalization of downtown Barberton and Ravenna.

NeighborWorks Capital has partnered with NDS for more than 15 years, extending 5 previous loans for property acquisitions and improvements to help advance their mission to revitalize neighborhoods and communities, primarily for the benefit of low and moderate-income households through the statewide provision and/or promotion of affordable housing, community, and economic development, job creation, and addiction and recovery services.

Learn more about NeighborWorks Capital’s competitively priced, fixed-rate loan capital that is available to members of the NeighborWorks network. Visit our lending solutions page for more information. 

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