2010 NeighborWorks® Capital's Board of Directors set a goal of increasing its lending impact by at least 40% over 2009 and we exceeded that goal! To meet that goal we continue to see increased demand for our predevelopment, acquisition and new mini-perm loan products due to our flexibility, creativity and affordability.
In 2010 NeighborWorks® Capital committed or closed 17 loans totaling $16.7 million - leveraging $263 million in construction or permanent financing (a 16:1 leverage factor) in neighborhoods across the country. These loans will construct or preserve:
♦ 1,165 units of affordable for-sale or rental housing ♦ 45,000 square feet of office, retail or community space
Please read more about each of the projects that NeighborWorks Capital supported in our 2010 Loan Report.
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 and Neighborhood Capital Corp. was formed in 2000 to serve NWOs who were members of the Multifamily Initiative.
While we have 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.
Through the end of the first quarter of 2011 NeighborWorks® Capital's impact in meeting the network's strategic production and preservation goals have resulted in the following:
171 Loans
64 NeighborWorks network customers
$63 million of capital provided
$1.23 billion of permanent financing leveraged
7,250 affordable rental homes
1,250 below-market homes for sale
475,000 square feet of commercial, office, retail and community space
© 2011 NeighborWorks® Capital