2011 NeighborWorks® Capital's Board of Directors set a goal of increasing its lending impact by at least 15% over 2010. To meet that goal we continue to work with NWOs who are taking advantage of new opportunities using NC's predevelopment, acquisition and mini-perm loan products due to our flexibility, creativity and affordability.
In 2011 to date NeighborWorks® Capital has committed or closed 10 loans totaling $8.9 million - leveraging $82 million in construction or permanent financing (a 9:1 leverage factor) in neighborhoods across the country. These loans will construct or preserve 486 units of affordable for-sale or rental housing.
HISTORICAL IMPACT NeighborWorks® Capital is building on the legacy and impact of the two loan funds it combined. In 1998 RNA Community Builders was created to serve NWO members of the Rural Initiative. Similarly, Neighborhood Capital Corp. was formed in 2000 to serve NWOs who were members of the Multifamily Initiative.
While NC has over a decade of lending under our belt, we continue to innovate and respond to the demands of our customers and adapt to the changing credit and real estate markets. NC can build on this broad foundation of results and assist our customers and NeighborWorks America in achieving their strategic goals.Please read more about our impact and results in our 2010 Annual Report.
Through the end of the second quarter of 2011 NeighborWorks® Capital's cumulative impact in meeting the network's strategic production and preservation goals have resulted in the following:
178 Loans
66 NeighborWorks network customers
$69 million of capital provided
$1.4 billion of permanent financing leveraged
7,500 affordable rental homes
1,300 below-market homes for sale
475,000 square feet of commercial, office, retail and community space
© 2011 NeighborWorks® Capital