NeighborWorks Capital recently closed a $6,269,100 permanent loan to Community Resources and Housing Development Corp (CRHDC) for the purchase of Kiva Apartments, 64 units in Alamosa, CO. Kiva was one of five properties (two multifamily, 2 self-storage, and 19 acres of vacant land) in a portfolio acquisition, expanding their presence in Alamosa and the San Luis Valley. NC’s ten-year loan includes an innovative debt service reserve, with underwriting (and loan size) at expected rents after a gradual increase, rather than at lower current rents. This was NC’s first loan to CRHDC after more than 10 years.
Ashtabula Homes II
Fifteen years after utilizing low-income housing tax credits (LIHTC) to build Ashtabula Homes II, 40 single-family homes in northeast Ohio, Neighborhood Development Services (NDS) was faced with a challenge.
