NC closed a $300,000 line of credit with Lakes Region Community Developers (LRCD) for predevelopment expenses on new development opportunities. Operating in an area of New Hampshire with scare affordable housing options, LRCD is working to expand the scale and pace of its developments, and a flexible source of predevelopment funding will support their growth. NC’s loan can be used for property acquisition costs, predevelopment costs, especially expensive design and engineering work, and legal work to get projects ready to start construction. This was NC’s first loan to LRCD.
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.