1132015 NeighborWorks Capital Announces

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Announcements from NeighborWorks Capital

Helping make the vision of community a reality View this email in your browser

Customer Profile Tierra Del Sol Housing CorporationProject El Camino Real Apartments

This is NCrsquos 2nd loan with Tierra del Sol HousingCorporation (TDS) This $400000 predevelopmentloan will be used for land acquisition andpredevelopment expenses associated with thedevelopment of El Camino Real Apartments aproposed 40shyunit affordable rental housingdevelopment in Hatch New Mexico to be financed

primarily with Low Income Housing Tax Credits (LIHTC) All 40 units will be restricted to50 of AMI or less In addition all 40 units will benefit from rental assistance from theUSDA

Website httpwwwtierradelsolhousingorg

Customer Profile NeighborWorks New HorizonsProject Spruce Ridge

This is NCrsquos 7th loan with NeighborWorks New Horizons(NWNH) This $1100000 Interim Development Loan will beused for the acquisition of land and related costs associatedwith Spruce Ridge a proposed 44shyunit affordable rentalhousing project in Stonington Connecticut When completed

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1132015 NeighborWorks Capital Announces

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the property will serve a diverse population ndash elderly supportivehousing and workforce housing

Website httpwwwnwnhnet

Customer Profile Community HousingWorksProject 206 Cedar Land Acquisition

This is NCrsquos fifth loan with Community HousingWorks(CHW) This $1900000 Interim Development Loan willbe used for the acquisition of land and relatedpredevelopment costs associated with the construction ofa new affordable rental development in Vista Californiain the north county region of San Diego The project ndash

206 Cedar ndash will be built on a 195 acre infill site composed of three separate parcels206 Cedar is expected to include 55 apartments in a mix of one two and three bedroomsaffordable to households with incomes ranging from 30 to 60 of the Area MedianIncome

Website httpchworksorg

Customer Profile West Elmwood Housing Development CorporationProject Sankofa Apartments

This is NCrsquos third loan with West Elmwood HousingDevelopment Corporation (WEHDC) This $650000interim development loan will be used forpredevelopment and preshyconstruction expensesrelated to Sankofa Apartments a proposed newconstruction 50 unit LIHTC project located inProvidence Rhode Island

NCrsquos loan will provide WEHDC with the capitalnecessary to cover the expenses associated with predevelopment land acquisition andpreshyconstruction costs necessary to secure remaining financing and start construction The project has received a reservation of 9 Low Income Housing Tax Credits andState gap financing

Website httpwwwwestelmwoodorg

1132015 NeighborWorks Capital Announces

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Customer Profile Mutual Housing Association of Greater Hartford IncProject Office Space Refinance

This is NCrsquos 5th loan with Mutual Housing of GreaterHartford (MHAGH) This $404000 minishypermanentloan will be used to refinance the existing debt onMHAGHrsquos office building located in HartfordConnecticut resulting in significant debt servicesavings Built in 1890 and moderately rehabbed in2006 the 4680 SF building provides the office spacefor MHAGH operations as well as providing theconference space for board and staff meetings

Website httpwwwmutualhousingorg

Customer Profile Mutual Housing of Southwestern ConnecticutProject Wilton Commons II

This is NCrsquos fourth loan with Mutual HousingAssociation of Southwestern Connecticut(MHASWCT) This $315000 predevelopmentloan will be used for predevelopmentexpenses associated with the newconstruction of a 23shyunit affordable elderlyrental housing development in Wilton CT

Tenants will be pay no more than 30 of their income towards housing costs with theremainder paid by a Congregate Housing Grant from the State of Connecticut Proposedrents are affordable to households with incomes between 25 and 50 of Area MedianIncome

Website httpmhaswctorg

Customer Profile Affordable Housing AllianceProject Bayshore Bungalows

1132015 NeighborWorks Capital Announces

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This is NCrsquos first loan to a project sponsored byAffordable Housing Alliance (AHA) This $1500000interim development loan will be used as a projectshybasedLine of Credit for The Bayshore Bungalows Program aninitiative to provide highshyquality energy efficient factoryshybuilt modular homes for sale to households impacted bySuperstorm Sandy in 2012 The program is beingundertaken in partnership with NextStep a nationalnonprofit organization promoting and supporting the

development of factoryshybuilt homes

AHA expects production of a total of 75 units over the 36shymonth term of the Line Unitswill be placed on lots in northern New Jersey along the southern shore of Raritan Bay anarea especially hard hit by Superstorm Sandy

Website httpaffordablehousingalliancecom

NeighborWorks Capitalstaff will be attending the upcoming events in

Washington DC

National Rural Housing Conference

from December 2 ndash 5 2014

and

The Real Estate Convening at the NeighborWorks America Training Institute

from December 8 ndash 12 2014

If you would like to schedule a meeting to discuss your financing needs orproject pipeline please contact

John Maneval Director of Lendingjmanevalneighborworkscapitalorg

Phone at 240shy821shy1651 ext 204 or 301shy789shy6856

1132015 NeighborWorks Capital Announces

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Visit us at wwwneighborworkscapitalorg

Our mailing address isNeighborWorks Capital8484 Georgia Avenue Suite 330Silver Spring MD 20910

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