Preserving affordable single family rentals

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NeighborWorks Capital recently closed a $831,000 permanent loan to Neighborhood Development Services (NDS) for Ashtabula Homes II, a 40-home scattered site rental development in Ashtabula, OH. Developed in 2005, the forty homes were intended to be sold to the tenants after 15 years, but most LIHTC-financed single-family developments remain long-term rentals. NDS needed to refinancing the original perm lenders from the LIHTC financing, and NC provided a 15-year, fully-amortizing loan.

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