NeighborWorks Capital funded a $500,000 stabilization loan with New Directions Housing Corporation (New Directions) in July 2020. This stabilization loan will provide flexible working capital for New Directions due to financial hardship caused by the COVID-19 quarantine orders and economic slowdown. New Directions manages and develops affordable housing in Louisville, Kentucky. They also have programs for affordable home repairs and community building and engagement. New Directions will continue with several development projects but anticipate that COVID-19 may impact the timing of these projects. These funds will allow New Directions to continue working on these projects as well as pay off existing debt in a timely fashion.
Many areas are experiencing housing shortages right now, but few are as challenged