NeighborWorks® Capital (NC) is a national non-profit community development loan fund based in Silver Spring, MD serving NeighborWorks member organizations (NWOs), in all 50 states and District of Columbia. NC is certified by the U.S. Department of the Treasury as a Community Development Financial Institution (CDFI) and is governed by a nine-member Board of Directors, a majority of which are Executive Directors of NeighborWorks member organizations (NWOs), along with others who have senior level expertise in community development lending and operations.
NeighborWorks® Capital is the only related capital corporation created by the network members to meet unmet capital access needs. Its origins began in 1994 with RNA Community Builders, a loan fund created by and for rural NWOs and was complimented in 2000 with the creation of Neighborhood Capital Corporation serving NWOs undertaking multifamily projects. With the initial and continued support and investment of NeighborWorks America and support of the network the two loan funds combined their expertise, assets and customers in 2007 to provide a broader array of products for NWOs in the real estate development line of business. At that point the combined loan fund was re-branded NEIGHBORWORKS CAPITAL to reflect this next chapter of our history. So while our name is relatively recent our history of providing affordable loan products to the network is over 16 years long.
OUR FOCUS
NeighborWorks® Capital's customers are NWOs in the real estate development line of business and aligns with NeighborWorks America's strategic goals of production and preservation of affordable housing and provision of capital. Based on those goals NC has developed core and expanded loan products - from Predevelopment through Mini-Perm. NC's products provides flexible and affordable capital to NeighborWorks members by financing pre-development costs, acquisition of land and buildings, construction, rehabilitation, and preservation of NWO-owned rental properties that undertake property improvements that include green and energy saving components. NC does not offer permanent financing as this is typically available locally and nationally by financial institutions.
Distributed across all 50 states, the NeighborWorks® network includes a diverse array of nonprofit, mission-driven organizations engaged in real estate development, economic development, neighborhood revitalization, and community services in urban, suburban and rural communities across the United States.
MISSION
The mission of NeighborWorks Capital® (NC) is to serve NeighborWorks organizations (NWOs) by developing and enhancing resources for the acquisition, development, sale, financing, or ownership of affordable for-sale and rental properties and commercial projects. NC's exclusive purpose is to support the real estate development projects of these NWOs in their missions to preserve and create affordable housing opportunities for low and moderate income households, and to re-invest in deteriorated or otherwise blighted or economically depressed areas. The corporation will fulfill its mission by providing NWOs with easily-accessed and timely capital for development to which they would not otherwise have access.
© 2011 NeighborWorks® Capital