Issuu on Google+

5/7/2014

Points of Impact from NeighborWorks Capital

Subscribe

Share

Past Issues

NEWSLETTER FROM NEIGHBORWORKS CAPITAL | MARCH 2014

Translate

View this email in your browser

In this issue: NC's 2013 Lending Impact NC's strong lending and financial performance brings additional bank investments NC provides fast, flexible financing to two new customers Welcome NC's newest team member! NC will be at NeighborWorks America's Executive Director Symposium

NC 2013 Lending Impact NeighborWorks Capital is pleased to announce its most successful year by meeting and exceeding its business plan goals and providing flexible loans that made a critical difference to the communities that NeighborWorks affiliates serve. In 2013, NC was able to increase its community development impact as follows: $32.2 million in loans closed and committed 25 loans for affordable rental, for-sale and mixed-use projects 1,000 units of affordable rental and for-sale homes http://us2.campaign-archive2.com/?u=7a3d73beb1409669ff3304037&id=8a9b270325&e=[UNIQID]

1/4


5/7/2014

Points of Impact from NeighborWorks Capital

25,000 square feet of community space 11 new NeighborWorks customers $280 million leveraged 95% of loans assisted housing projects at 80% AMI or below For additional info on NeighborWorks Capital’s 2013 results please read our 2013 Annual Report.

NC's strong lending and financial performance brings additional bank investments: NeighborWorks Capital’s strong lending and financial performance attracted over $21 million in new and renewed capital during 2013. In the last quarter of 2013, NC increased its capital by $7 million. We are pleased to highlights these investment partners: Bank of America is the largest bank investor of CDFIs nationally as well as for NeighborWorks Capital. In 2013 the bank doubled its investment to $8 million as a 10 year Program Related Investment as part of its ongoing commitment to low income communities. This long term investment allows NC to provide longer-term loans for multifamily preservation and energy improvements.

Branch Banking and Trust (BB&T) is one of the top 20 banks by deposits with a focus on the Mid-Atlantic and Southern states. The bank is NeighborWorks Capital’s primary business banker for treasury services and recently provided a $3 million line of credit for our lending program in its market area. Learn more about NC’s investment partners.

NC provides fast, flexible financing to two new customers. We thank them for their recent business and want to highlight these exciting projects: Customer Profile:

Federation of Appalachian Housing Enterprises (FAHE)

Project:

Low Income Housing Credit Equity Fund

http://us2.campaign-archive2.com/?u=7a3d73beb1409669ff3304037&id=8a9b270325&e=[UNIQID]

2/4


5/7/2014

Points of Impact from NeighborWorks Capital

This is NC’s first loan in partnership with Federation of Appalachian Housing Enterprises (FAHE) headquartered in Kentucky. FAHE provides technical support and financial assistance through its own CDFI to its membership network of nearly 50 nonprofit organizations across Kentucky, West Virginia, Tennessee, and Virginia. NC is participating in a FAHE bridge loan with $3,000,000 to support a Low Income Housing Tax Credit Equity Fund which is investing in three affordable housing developments in Kentucky. Other participants in this $14 million FAHE loan include the Kentucky Housing Finance Corporation and Citizens Union Bank. The partnership of NC and FAHE provides critically-needed capital for important developments, and illustrates the ability of both organizations to act quickly and flexibly to maximize impact in rural areas of the country. NC looks forward to future lending collaborations with FAHE in their service territory, as well as with other CDFIs within the NeighborWorks America Network looking to increase their community impact. Website: http://www.fahe.org/ ______________________________________________________________________ Customer Profile: Project:

Community Housing of Wyandotte County (CHWC) Escalade Heights This is NC’s second loan to a project sponsored by Community Housing of Wyandotte County (CHWC). This $300,000 interim development loan will be used for acquisition of a 60 lot subdivision know as Escalade Heights in Kansas City, Kansas. When completed, Escalade Heights is expected to include

16 lease-purchase single family rental units financed with Low Income Housing Tax Credits, and up to 44 market rate, newlyconstructed single family for-sale homes. Website:

http://www.chwckck.org/

Welcome NC's newest team member!

http://us2.campaign-archive2.com/?u=7a3d73beb1409669ff3304037&id=8a9b270325&e=[UNIQID]

3/4


5/7/2014

Points of Impact from NeighborWorks Capital

Sandy Revelo, Accountant Sandy joins NC with over six years of accounting and audit experience with a national public accounting firm and a Bachelor’s Degree in Accounting. She has general accounting responsibilities and supports the Director of Finance in financial and investor reporting.

NeighborWorks America Executive Director's Symposium Arlington, VA | March 31 - April 4, 2014 NC is headed to Arlington, VA for the upcoming NeighborWorks America Executive Director's Symposium. If you would like to schedule a meeting to discuss your financing needs or project pipeline, please contact: NC’s Director of Lending John Maneval Email jmaneval@neighborworkscapital.org or call 240-821-1651, ext. 204, or 301-789-6856.

Visit us at www.neighborworkscapital.org. Our mailing address is: NeighborWorks Capital 8484 Georgia Avenue, Suite 330 Silver Spring, MD 20910 Add us to your address book unsubscribe from this list update subscription preferences

Forward to Friend

http://us2.campaign-archive2.com/?u=7a3d73beb1409669ff3304037&id=8a9b270325&e=[UNIQID]

4/4


Points of impact from neighborworks capital march 2014