High quality affordable housing for seniors in a rural area

NeighborWorks Capital funded a $2,356,000 acquisition loan with Ithaca Neighborhood Housing Services, Inc. (INHS) in March 2020. This acquisition loan provided them with the funds to acquire six buildings (Verona Village) in Ovid, New York. Verona Village is a fully leased 46 apartment unit senior housing project with a HAP contract that covers all housing units. INHS plans to renovate the well-maintained 38-year-old buildings, utilizing 9% Fed and State LIHTC with construction expected to begin in 2022 after securing a LIHTC award.