NeighborWorks Capital funded a $500,000 stabilization loan with Gulf Coast Housing Partnership, Corporation (Gulf Coast) in October 2020. This stabilization loan will provide flexible working capital for Gulf Coast due to financial hardship caused by the COVID-19 quarantine orders and economic slowdown. Gulf Coast is a regional real estate development company based in New Orleans and focuses on the production of affordable and mixed income communities as well as the development of community assets. Their developments have created over 2,300 residential units, and more than 350,000 square feet of complementary commercial development. Gulf Coast has developed affordable housing in Louisiana, Mississippi, Texas, and Alabama, representing over $304 million in total development costs. These funds will allow Gulf Coast to continue working projects.
As 10,000 people a day turn 65 in the U.S., the need for