NeighborWorks Capital closed a $800,000 enterprise liquidity loan with Community Action Partnership of North Alabama, Inc (CAPNA) in July 2019. Our loan will give CAPNA the funds to improve their operating liquidity and provide a source for predevelopment funding. CAPNA is an active affordable housing developer with an expanding portfolio. This influx of funds will allow CAPNA a significant opportunity to expand its control of the portfolio, by taking 100% ownership as properties exit LIHTC compliance. Securing LIHTC in Alabama requires a significant cash outlay with a deposit of 15% of a LIHTC award ($150k to $250k) held by Alabama HFA for 9 to 12 months prior to closing on the financing. A secondary use of the loan will be development costs for small single-family projects in Montgomery, usually two-three homes per year where loan funds will bridge committed CDBG/HOME funds.
NeighborWorks Capital Partners with Climate United to Build National CDFI Channel for Greenhouse Gas Reduction Fund Multifamily Lending
We are thrilled that Climate United has been selected to receive nearly $7 billion of funding from the EPA’s Greenhouse Gas Reduction Fund (GGRF). NeighborWorks Capital is proud to partner with Climate United to build a national CDFI channel for GGRF multifamily lending and to engage in market building to ensure funds reach underserved communities.
