NeighborWorks Capital closed a $580,000 construction loan for Community Housing Development Corp. of North Richmond (CHDC-NR) to build a new home on 43rd Street in the Longfellow neighborhood of Oakland, CA. CHDC-NR secured the vacant site from the City of Oakland in 2016, and will build a 3-bedroom, 1,725 SF home to sell at a market price. While this single home does not impact housing affordability in a very hot market – the sale price is expected to be in excess of $850,000 – the profits CHDC-NR will make from the sale will be reinvested in their other affordable housing projects in the East Bay.
Final FHFA Rule on Racial Equity, Language Access, and Fair Lending Oversight Will Aid Underserved Communities
A coalition of affordable housing and civil rights organizations applaud an announcement from the Federal Housing Finance Agency (FHFA) finalizing a rule on fair housing, fair lending, and equitable housing finance (EHF). The FHFA’s new rule on EHF plans will provide greater market access to underserved communities.