Now that the CFRAH grants have been awarded NeighborWorks Capital (NC) wants to make you aware of a nonrecourse, 3.75% interest rate loan product available until November 15, 2011. It can be used to independently, or in combination with a CFRAH grant, to deepen the energy and water savings and further improve the financial health of rental projects in your portfolio. It is available or a limited time only!
We would like to help you evaluate how a low interest loan could help your project become more sustainable. We have a growing base of experience and technical assistance to offer.Please review the Term Sheet that highlights the attractive terms!
NC also has up to $10,000 in grant funding to support energy related capital needs assessments and up to $5,000 for implementation of energy monitoring systems.
Please contact Mark Knight, Director of Lending or Ingrid Avots, Senior Loan Officer.
RECENT NEWS!
JULY 20, 2011 - NeighborWorks Capital is pleased to announce that they were awarded a $1.5 million Financial Award (FA) from the U.S. Treasury's CDFI Fund. This grant will be used as loan capital for expanding NC's Mini-Perm lending program. This is NC's second FA award in as many years, a testament to our strong lending program and growing demand by NeighborWorks organizations.
JULY 15, 2011 - NeighborWorks Capital (NC) received its inaugural rating from the CARS™ program at Opportunity Finance Network. This independent assessment rating provides valuable feedback to the board and staff on our impact and financial strength. Financial institutions, foundations and social investors that invest in CDFIs such as NC are increasingly relying on the CARS review as part of their underwriting and investment decisions.
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At NeighborWorks Capital's July Loan Committee the following loans were approved:
$511,500 Interim/Acquisition loan to Lawrence CommunityWorks for their 108 Newberry Street project. NC's funds will pay for land acquisition, design, survey, legal and financing costs for a newly constructed 18 unit affordable rental housing in the North Common neighborhood of Lawrence, MA.
$2,000,000 construction loan participation to St. Mary's Development Corporation for their Deer Run Apartments in Lawrenceburg, IN. This 84 unit property is an expiring LIHTC project and will undergo an extensive renovation to improve its marketability and bring new amenities and services to its residents. Also energy improvements include window, roof, appliance and heating system replacements.
© 2011 NeighborWorks® Capital