Southern Region

  1. DHIC, Inc. - $1,100,000

    Dacian Glen Apartments (now known as Glenbrook Crossing after its transformation) is a 65-unit multifamily rental project consisting of 1-3 bedroom units primarily for households at 60% AMGI. This interim development loan was used to fund acquisition costs associated with the project. (2006)

  2. Housing Partnership of Northeast Florida - $195,000

    Malibu Apartments

    Malibu Apartments is a 106-unit multifamily rental project for households with 50% AMGI. This interim development loan was used to fund acquisition costs related to the property. (2003)

  3. NeighborWorks Columbus - $485,000

    Solstice Senior Housing is a 56-unit multi-family rental project consisting of three bedroom units for seniors at 50% AMGI. This interim development loan was used to fund acquisition of the property in Opelika, AL. (2009)

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  4. NHS of South Florida - $599,250

    This interim development loan was used to acquire and rehabilitate the commercial building where NHS of South Florida maintains its principal office. (2008)

  5. Mountain Housing Opportunities - $1,158,000

    Glen Rock Depot

    This is NC’s 4th loan with Mountain Housing Opportunities (MHO). This $1,158,000 mini-permanent loan will be used to refinance maturing debt on the commercial component of the Glen Rock Depot, a mixed use project located in Asheville, NC. Glen Rock Depot includes a residential component of 60 affordable rental units, and a commercial component comprised of 9,100 square feet of commercial space in seven separate units and is located on the street level of this 4-story structure. MHO has established a condominium at the Glen Rock Depot to divide ownership of the residential and commercial components to facilitate financing. (2014)

  6. Atlanta Mutual Housing Association, Inc - $360,000

    Harbour Oaks is an 80-unit multifamily rental project with a mix of 1-2 bedroom units for households at 50% AMGI. This loan was used to fund predevelopment expenses associated with the project. This loan was done in participation with National Housing Trust. (2005)

  7. DHIC, Inc. - $90,000

    Carlton Place is a 80-unit multifamily rental project consisting of 1-3 bedroom units. This loan was used to fund predevelopment expenses associated with the project. (2005)

  8. The Impact! Group - $738,835

    Bradford Townhomes is a 96-unit rental project with 2-3 bedroom units primarily for households at 50% AMGI. This interim development loan was used to fund acquisition costs. (2004)

  9. The Housing Partnership - $2,700,000

    Brightwalk Site.

    This is NC’s 9th loan with The Housing Partnership in North Carolina. This $2,700,000 interim development loan will be used to refinance and consolidate an existing loans and provide additional acquisition and soft cost capital associated with the continued development of the Brightwalk Master Plan and nearby sites in Charlotte, NC. (2014)

  10. FAHE - $3,000,000

    Main Cross Apartments

    NC is participating in a $14,000,000 loan from Federation of Appalachian Housing Enterprises (FAHE) to Housing Equity Fund of Kentucky III (HEFK-III), a partnership between FAHE Capital and Virginia Community Development Corporation. HEFK-III is a Low Income Housing Tax Credit equity fund which is investing in three (3) affordable rental housing projects in Kentucky which have received allocations of 9% Tax Credits. HEFK-III will disburse funds to the three projects during the course of their construction, cost certification and close-out. Note photo is of one of the 3 affordable rental housing projects - Main Cross Apartments. (2013)

  11. Charlotte Mecklenburg Housing Partnership, Inc - $410,000

    Live Oak Apartments

    Live Oak Seniors is a 50-unit multifamily rental project, dedicated exclusively to the elderly, featuring one bedroom units. This loan was used to fund predevelopment expenses associated with the project. (2006)

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  12. Housing Partnership of Northeast Florida - $630,000

    Forest Apartments is a 112-unit multifamily rental project for households at 50% AMGI. This interim development loan was used to fund acquisition costs related to the property. (2007)

  13. Charlotte Mecklenburg Housing Partnership, Inc. - $1,300,000

    This interim development loan was used to acquire several key parcels toalling 4+ acres on Kohler Avenue in the Double Oaks redevelopment area. Loan proceeds will be used for site and infrastructure improvements in preparation for the next phases of the for-sale and affordable rental projects. (2011)

  14. Charlotte Mecklenburg Housing Partnership, Inc - $250,000

    Westinghouse is a 96-unit rental project featuring 2-3 bedroom units primarily for households at 60% AMGI. This loan was used to fund predevelopment expenses associated with the project. (2009)

  15. Community Housing Partners - $1,300,000

    Townhomes of Ashbrook is a 150-unit rental property with 1-3 bedroom units for households at 60% AMGI. This interim development loan was used to provide subordinate financing toward the acquisition and interim repairs of the property. (2006)

  16. United Housing, Inc. - $803,723

    Wolf River Bluffs is a planned 34-unit, new construction for-sale project offering 2 and 3 bedroom single family homes to households at 80% AMGI. This interim development loan was used to acquire the property. (2010)

  17. Charlotte Mecklenburg Housing Partnership - $400,000

    Weddington Road Apartments

    This is NC’s eighth loan with Charlotte Mecklenburg Housing Partnership (CMHP). This $400,000 predevelopment loan was used for predevelopment expenses associated with the development of Weddington Apartments, a proposed 70-unit affordable rental housing development in Charlotte, NC. CMHP, founded in 1988, has been a NeighborWorks America® (NWA) member since 1997. The Partnership has fulfilled its mission through neighborhood revitalization, homeownership services, and the creation of over 2,000 affordable rental housing units. (2014)

  18. Southern Mutual Help Association (SMHA) - $1,700,000

    Teche Ridge in Iberia, LA

    NC committed to Southern Mutual Help Association (SMHA) a $1,700,000 interim development loan for site development and engineering to facilitate this multi-phase single family development to be constructed in accordance with Traditional Neighborhood Design (TND) principles. With an additional $1,700,000 in financing from Rural LISC, NC’s support enables SMHA to proceed with the first 131 home sites, generating substantial impact in rural Louisiana. (2013)

  19. Charlotte Mecklenburg Housing Partnership, Inc - $200,000

    The Gables, Charlotte, NC

    Gables II is a 72-unit multifamily rental project featuring 1-2 bedroom units primarily for households at 60% AMGI. This loan was used to fund predevelopment expenses associated with the project. (2008)

  20. Federation of Appalachian Housing Enterprises (Lead Lender) - $376,800

    Midway Apartments

    This is NC’s 2nd participation loan with Federation of Appalachian Housing Enterprises (FAHE). This $376,800 mini permanent loan will refinance Midway School Apartments, a 24-unit affordable rental housing development for seniors located in Midway, Kentucky. The loan will be originated and serviced by FAHE. The loan will have a term of 7 years and a 30 year amortization schedule, with a fixed interest rate of 5.75%. (2015)

  21. Community Ventures Corp - $260,000

    Third Street Exchange is an adaptive reuse to create a business incubator for 5 offices and a public market with 15 spaces. This interim loan bridged financing between the construction and permanent financing stage of the project. (2005)

  22. Mountain Housing Opportunities - $902,500

    Photo of Glen Rock Hotel

    This is NC’s second loan to a project sponsored by Mountain Housing Opportunities (MHO) in North Carolina. This $902,500 construction and mini-permanent loan will be used for the commercial component of the Glen Rock Hotel, a historic structure in the River Arts District in Asheville, NC. The Glen Rock Hotel includes a commercial component comprised of a total of over 12,000 square feet of commercial space for use by small and medium-sized businesses in a rapidly developing area of Asheville. (2014)

  23. Mountain Housing Opportunities - $1,760,000

    A $1,760,000 interim development loan from NC is supporting Eagle Market Place, a mixed-use development undertaken by Mountain Housing Opportunities that includes 62 units of affordable rental housing, community space, and commercial/retail space. Eagle Market Place is a collaborative effort of MHO and Eagle Market Streets Development Corporation (ESMDC), a community-based developer in downtown Asheville. (2013)

  24. Hope Enterprise Corporation/Hope Federal Credit Union - $800,000

    Lincoln Garden Apartments

    This is NC’s 1st loan with Hope Enterprise Corporation (HEC). This $800,000 mini-permanent participation loan (NC’s share of the loan is 26.2% of the total $3,050,000 loan) was used to refinance Lincoln Garden Apartments, a 100-unit, general occupancy affordable rental housing development in Jackson, Mississippi. The loan will be originated and serviced by Hope Federal Credit Union (HFCU), which is HEC’s affiliated credit union. HEC will take-out NC’s share of the loan within the first 7 years. There is an extended Land Use Restriction Agreement (LURA) in place through 2051 that restricts occupancy to residents earning 50% or less of the (AMI) Area Median Income. (2014)

  25. Charlotte Mecklenburg Housing Partnership - $775,000

    The Arden Street project will be a mixed-use development planned for 42 rental units and 33 for-sale town homes and is part of a large redevelopment plan adopted by the Charlotte City Council. NC’s loan facilitates the purchase of several key parcels. (2011)

  26. Housing Partnership, Inc. - $550,000

    West Market Apartment Photo.

    This is NC’s first loan to a project sponsored by Housing Partnership, Inc. (HPI) located in Louisville, Kentucky. This $550,000 mini-permanent loan enabled HPI to acquire West Market Apartments, an 11-unit rental apartment complex built in 2008. The property is on the western end of downtown Louisville, Kentucky and was acquired from a local bank. (2014)

  27. DHIC, Inc. - $2,240,000

    The 10 Street Person Street Rendering

    This is NC’s fifth loan to DHIC, and the first since 2006. DHIC is using a construction loan from NC in the amount of $2,240,000 to finance development and construction costs associated with The 10 at South Person (the Project), the new construction of 10 units of attached single-family for-sale housing in downtown Raleigh, North Carolina. The Project, though small in scale, will enable DHIC to achieve important community building and redevelopment goals in a long-time service area. (2013)

  28. AHC Inc. - $150,000

    Woodbury North is a 215-unit project featuring a mix of for sale and rental affordable housing units. This loan was used to fund predevelopment costs associated with the project. (2003)

  29. Charlotte Mecklenburg Housing Partnership (The Housing Partnership) - $400,000

    Atando Apartment Photo

    This is NC’s 10th loan with Charlotte Mecklenburg Housing Partnership (The Housing Partnership). The Housing Partnership is requesting a $400,000 predevelopment loan from NC to complete predevelopment activities for the construction of Atando Apartments, a 130- unit general occupancy rental apartment project to be built at CMHP’s Brightwalk development. This is the final affordable housing project for this master plan redevelopment project. The project has been awarded a $10 million bond allocation and 4% LIHTC, NC’s source of repayment. The property will include four three- story apartment buildings of which one building will incorporate the 3,100 square foot clubhouse and have 79 three-bedroom and 51 two-bedroom units, all with two full baths. Of these units, five of the two-bedroom and eight of the three-bedroom units will have restricted rents amounting to 50% of the Mecklenburg County area median income (AMI). In addition, 46 of the two-bedroom units and 71-of the three-bedroom units will have rents at 60% of AMI. (2015)

  30. AHC, Inc. - $6,500,000

    St. James Plaza

    This is AHC, Inc.’s 3rd loan with NeighborWorks Capital. AHC requested a $6,500,000 Interim Development Loan to finance the acquisition of 5000/5001 Echols Avenue, a 3.12 acre site in Alexandria, Virginia. The property has been rezoned and subdivided to permit the development of 225 units in two multifamily buildings. On the western parcel, AHC will develop, own, and operate a 93 unit 9% LIHTC project. AHC has received a reservation for tax credits and financing commitments from the City of Alexandria. Shortly after closing AHC will issue an RFP for debt and equity investors with a targeted equity and construction closing in Fall 2016. The project will have 3 efficiency units, 12 1-bedroom, 66 2-bedroom, and 12 3-bedroom units with rents from 40% to 60% of AMI. (2015)

  31. DHIC, Inc. - $130,000

    Highland Village is a 260-unit multifamily property consisting of both for-sale and rental units. This loan was used to fund predevelopment expenses associated with the project. (2002)

  32. DHIC, Inc. - $600,000

    Madison Glen is a newly constructed 120 unit affordable rental project offering 1, 2, & 3 bedroom apartments.  Over 90% of the units are targeted to households below 40% of AMI.  NC’s interim development loan bridged financing from one of the local project subsidies. (2003)

  33. Charlotte Mecklenburg Housing Partnership - $1,030,000

    NC provided both an unsecured predevelopment loan, as well as a site acquisition loan for the construction of 62 units of affordable rental housing for seniors. NC funds enabled CMHP to gain site control prior to closing on tax credit equity and construction financing, and provided working capital to cover the substantial up-front costs associated with a LIHTC transaction. (2012)

  34. Mountain Housing Opportunities, Inc. - $250,000

    Glen Rock is a 60-unit mixed use project consisting of multifamily rental and commercial space. This interim development loan was used to fund acquisition costs for the property. (2009)

  35. Federation of Appalachian Housing Enterprises - $750,000

    FAHE Sutton School

    This is Federation of Appalachian Housing Enterprises (FAHE) 3rd loan with NeighborWorks Capital (NC). NC provided a $750,000 participation loan toward a $2,100,000 construction loan to repurpose a former school into the Sutton School Apartments, a 23-unit affordable rental housing development for seniors located in Sutton, West Virginia. The loan will have a term of 2 years with an interest rate of 5.25%. The repayment of the FAHE loan will come from Low Income Tax Credit equity contributions from CAHEC as limited partner. The borrower is not a NeighborWorks Organization. NC modified its Loan Policies in December 2013 to permit a limited amount of lending to borrowers who are not NWOs so long as an NWO CDFI is involved in the project. (2015)

  36. Charlotte Mecklenburg Housing Partnership, Inc - $200,000

    Statesville Avenue Apartments is a 96-unit mixed use project featuring multifamily rental units and commercial space. This loan was used to fund predevelopment expenses associated with the project. (2008)

Loans

  • Predevelopment
  • Interim Development
  • Mini-Permanent Loan for Operating Properties
  • Permanent Loans for Small Multifamily Rental Projects
  • Single Family Line of Credit
  • Multifamily Line of Credit
  • Strategic Growth Fund