Mutual Housing Association of Greater Hartford, Inc. (MHAGH) closed a $350,000 predevelopment loan with NeighborWorks Capital to accelerate their planning for the rehabilitation of Willow Arms Apartments in Simsbury, CT. MHAGH will invest more than $7 million to improve the 50-year-old property, making the 81 apartments more energy-efficient and more marketable. MHAGH had anticipated starting this rehab in 2024 – however, the Connecticut Department of Housing decided to fast-track the recapitalization by offering new funding available only in 2022. With a short deadline to draft construction plans and specs, and to start working with the general contractor and architect, MHAGH had a significant and immediate need for predevelopment funding, and NeighborWorks Capital was able to provide it.
NeighborWorks Capital and National Equity Fund Announce LIHTC Equity Fund to Empower Partner Organizations
The innovative fund, exclusive to members of the NeighborWorks America network, will provide LIHTC equity with equitable, consistent terms, helping create and preserve more affordable housing across the country.