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NEWSLETTER FROM NEIGHBORWORKS CAPITAL | NOVEMBER 2013 View this email in your browser
In this issue:
A Record Year for Lending at NeighborWorks Capital
NC provides fast, flexible financing to NWOs
NC adopts new Strategic Plan
NeighborWorks Capital’s strong lending and financial performance brings
additional federal and bank investments.
NC heads to Kansas City for the NeighborWorks America NTI
Welcome NC’s newest team member!
A Record Year for Lending at NeighborWorks Capital
NC is on pace to originate over $37 million in loans to over 20 NeighborWorks
organizations across the country in 2013. This record volume is a testament to the
outstanding work of NWOs in their communities and the flexibility of NC’s investors. We
thank our customers for their business.
NC provides fast, affordable and flexible financing to 3 members of the
NeighborWorks Network. We thank the following NWOs for their recent
business:
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Mountain Housing Opportunities – Asheville, NC
A $1,760,000 interim development loan from NC is supporting Eagle Market Place, a
mixed-use development undertaken by Mountain Housing Opportunities that includes 62
units of affordable rental housing, community space, and commercial/retail space. Eagle
Market Place is a collaborative effort of MHO and Eagle Market Streets Development
Corporation (ESMDC), a community-based developer in downtown Asheville.
Community Housing Wyandotte County – Kansas City, KS
First-time NC borrower CHWC will use a $400,000 pre-development loan to build Villages
at Bethany, an innovative affordable housing community for seniors totaling 139 units: 42
independent living units, 42 assisted living units, and 55 long-term care units. The
project will be located in Kansas City, Kansas.
Asian Americans for Equality – New York City
NC’s first loans in New York City will enable Asian Americans for Equality, Inc. (AAFE), a
new NC borrower, to undertake two separate projects: the new construction of 16 units of
affordable rental housing in the Crown Heights section of Brooklyn; and the refinance and
renovation of a 19-unit affordable co-op housing project located in the Soho
neighborhood of lower Manhattan.
NeighborWorks Capital's strong lending and financial performance
attracts additional federal and bank investments:
As our largest investor and strategic partner, NeighborWorks America has
provided NC with an additional $2,150,000 in capital for 2013.
In September NC was notified by the U.S Treasury’s CDFI Fund that it will
receive its maximum award of $1,347,000 for loan capital. This was NC’s fifth award from
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the CDFI Fund, and brings its overall investment in NC to $5,350,000.
Capital One Bank joined NC as a new investor In October, providing
$1,000,000 in capital to support NC’s lending program.
Learn more about NC’s investment partners.
NeighborWorks Capital adopts bold strategic plan
At a recent NeighborWorks Capital meeting the Board of Directors approved the 2014-
2018 Strategic Plan, which will guide the organization’s activities and help it choose
among opportunities over the next five years as it strives to serve the NeighborWorks
network’s credit needs. The Board has outlined the loan funds' five strategic goals:
Triple NeighborWorks Capitals’ cumulative lending volume to $350 million while
maintaining strong loan quality.
Double NeighborWorks Capitals’ on-balance sheet capital to $100 million through
leverage and diversification of capital sources and leverage an additional $30
million in off-balance sheet capital.
Increase NeighborWorks Capitals’ impact on the communities served by
NeighborWorks organizations.
Advocate on behalf of CDFIs and the communities we serve.
Grow and strengthen the organization to implement this plan.
NeighborWorks America National Training Institute
Kansas City, MO | December 9-13, 2013
NC is headed to Kansas City for the upcoming NeighborWorks America NTI in December.
To schedule a meeting in KC with NC’s Director of Lending, John Maneval, please email
[email protected] or call 240-821-1651, ext. 204, or 301-789-6856.
NeighborWorks Capital: Out and About
At the October Opportunity Finance Network annual conference, NC staff joined a
national panel of experts to discuss Year 15 Tax Credit financing options. A copy of the
presentation is available on NC’s website. If your organization has a Year 15 acquisition
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or restructuring opportunity, NC may be able to assist. Contact John Maneval, Director of
Lending at [email protected] or call 240-821-1651, ext. 204, or 301-
789-6856.
Join us in welcoming our newest NC team member:
Carrie Fischer, Loan Administrator
NC is pleased to welcome Carrie Fischer to our team as Loan Administrator. Carrie brings
to NC a diversity of experience including the management of an affordable housing loan
program, real estate development, and program reporting in both community-based
nonprofit and government organizations. She also holds both bachelors and masters
degrees in urban development and community development.
Is your organization in need of quick, flexible capital for a real estate transaction or
development opportunity? NC could be your financing solution. Call John Maneval,
Director of Lending, at 240-821-1651 ext. 204 or 301-789-6856 or email
[email protected] .
Visit us at www.neighborworkscapital.org.
Our mailing address is:
NeighborWorks Capital
1100 Wayne Avenue, Suite 610
Silver Spring, MD 20910
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