NeighborWorks Capital funded a $13,395,000 construction loan with Thistle Communities in December. This loan will assist Thistle with the construction of Velo Condominiums Phase I which will include 40 residential condominiums. Six of the forty will be subject to the restrictions of the City of Boulder Permanently Affordable For-Sale Interim Covenant. The development of the site will occur in two phases for a total of 70 residential condominiums. A portion of this construction loan will pay for the infrastructure development costs associated with the Phase II property.