NeighborWorks Capital closed a $6,307,000 refinance of a previous acquisition and predevelopment loan with East bay Asian Local Development Corporation (EBALDC) in September 2019. Our loan will give EBADLC the funds to increase NC’s existing $4,155,000 acquisition loan that initially closed in 2017 as the project has changed. The West Grand & Brush project in Oakland, California will incorporate some supportive-housing tenant and updating the design. This project will provide deep affordability in one of the most expensive rental markets in the US, with more than half of the apartments restricted to households at 20% and 30% of AMI.
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.