NeighborWorks Capital is pleased to extend a $5.5 million construction loan to Community Housing Improvement Program (CHIP) for the rehabilitation of the Shotover Inn Apartments in Hamilton City, CA.
In recent years, the affordable housing crisis for rural communities in northern California served by CHIP has been exacerbated by the pandemic and natural disasters such as wildfires and drought. As part of their mission to promote safe, healthy, sustainable, affordable housing in their service area, CHIP is substantially rehabilitating the Shotover Inn Apartments to preserve 21 affordable housing units in Hamilton City, CA, a small agricultural town in the Sacramento Valley.
The Shotover Inn has a unique history in the area. Hamilton City was established in 1906 and named after James G. Hamilton, the original primary landowner. The town was founded for a large sugar beet processing plant built by Mr. Hamilton and the Alta California Sugar Beet Company. Hamilton City served as an oasis for travelers heading west during the late Gold Rush. The Shotover Inn was constructed in 1930, shortly after the town was founded, and operated as a lodging house, bar, and restaurant for miners.
CHIP began its work in 1973 and has built over 2,000 units of single-family for-sale homes and over 700 units of rental housing. They currently operate a real estate portfolio of 860 units among 17 projects. They have owned and operated the Shotover Inn Apartments since 1987 and are undertaking a major renovation and rehabilitation project to improve building safety and modernize the livability of the aging units.
NeighborWorks Capital began our partnership with CHIP in 2015 and has extended 2 other loans to the organization. We are happy to continue to support their work and grow our partnership with this organization that is widely recognized as an innovator and leader in affordable housing issues in rural and urban areas.
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.