FOR IMMEDIATE RELEASE—Community Housing Capital proudly announces the successful closing of $15.3 million in source loans associated with its $25 million New Markets Tax Credit (NMTC) allocation. This allocation, awarded by the U.S. Treasury Department's Community Development Financial Institutions Fund (CDFI Fund) in September 2023, aims to catalyze economic and community development in low-income urban and rural communities nationwide.
In January 2024, CHC announced the four organizations that succeeded in securing New Markets Tax Credit (NMTC) allocations for their impactful community development projects. Comite de Bien Estar Inc. (Comite), Corporation to Develop Communities of Tampa, Inc. (CDC of Tampa), Neighborhood Housing Services of Baltimore, Inc. (NHS Baltimore), and Intend Indiana, Inc. were each awarded substantial allocations to bolster affordable housing initiatives in their respective regions.
“Our aim through the use of NMTC is to drive significant community transformation by bringing new homeownership opportunities to underserved communities,” said Cindy Holler, President and CEO of CHC. “We are dedicated to formulating financial solutions that align with our borrower’s goals and visions for creating positive change within their communities.”
The transactions repeat the structure successfully employed for previous NMTC single family projects supported by CHC. “We are excited to employ an innovative deal structure that allows NMTC credits to finance for-sale housing,” shared Dana Chestnut, CHC’s Chief Lending Officer.
These transactions mark a significant milestone in advancing housing affordability efforts across diverse regions. The projects undertaken by Comite, CDC Tampa, NHS Baltimore and Intend Indiana exemplify a commitment to addressing housing challenges through homeownership and creating sustainable pathways to prosperity for underserved populations. Their NMTC projects are highlighted below.
Bienestar 10 Townhouses
A $5.5 million source loan and $8 million NMTC allocation to Comite de Bien Estar Inc. for its Bienestar 10 Townhouses project. This initiative aims to construct 30 energy-efficient two- and three-bedroom townhomes in San Luis, Arizona. At least 60% of the homes will be sold to buyers at or below 80% of the Area Median Income (AMI).
Gardens at Diana Point Townhomes
A $4.1 million source loan and $6 million NMTC allocation to Corporation to Develop Communities of Tampa, Inc. The project involves the construction of 24 three-bedroom townhomes in the East Lake Orient Park Neighborhood Revitalization Strategy Area in Tampa, Florida. Homes will be offered exclusively to families at or below 80% of the AMI. The project includes a 30-year affordability period, ensuring long-term housing stability for residents.
HomeMatters Riverside Single-Family
A $1.5 million source loan and $5 million NMTC allocation to Intend Indiana, Inc. for its HomeMatters Riverside Single-Family project. This initiative will develop 22 single-family homes for low-income homebuyers in Indianapolis' Near Northwest-Riverside and Far Eastside neighborhoods. By focusing on predominately black and historically disinvested neighborhoods, Intend Indiana seeks to foster wealth building opportunities and economic mobility for low-to-moderate income people of color.
West Baltimore Rowhome Rehab
A $4.1 million source loan and $6 million NMTC allocation to Neighborhood Housing Services of Baltimore, Inc. NHS Baltimore aims to acquire and rehabilitate 25 single-family rowhomes in West Baltimore. All the properties included in the project are located in Qualified Census Tracts in which the poverty rate is as high as 39.8%. NHS Baltimore estimates at least 50% of homes sold to low-income persons.
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