NeighborWorks Capital closed a $1,700,000 acquisition loan with Community Housing Partners Corporation (CHP) in December 2019. This loan will assist CHP with assuming loans from Virginia Housing Development Authority. Ridge Apartments are a 100-apartment project located in Woodstock, Virginia that were developed in three phases (38 apartments in 2003, 38 apartments in 2004, and 24 apartments in 2005) using 9% LIHTC financing. All apartments are currently lease at 50% AMI, with up to 60% AMI eligibility. CHP plans to refinance the acquisition and existing debt in a new 4% LITHC/tax exempt bond transaction to combine several properties.
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.