Nevada Affordable Housing Residents Preserved With Help From CDFI
Client: Northern Nevada Community Housing
Client Location: Reno, NV
CDFI: NewWest Community Capital
CDFI Service Area: Arizona, Colorado, Idaho, Montana, Nevada, New Mexico, Utah, and Wyoming
$1,140,000 in permanent financing for multifamily affordable housing with support from Finance Justice Fund
When Northern Nevada Community Housing (NNCH) needed to refinance an existing permanent loan that had reached its maturity, they turned to NewWest Community Capital (NewWest). The lower interest rate provided by NewWest’s financing helped maintain and preserve the long-term affordability of the project.
NNCH has worked with NewWest for the past 20 years, obtaining financing for various projects in all phases of development. These include land acquisition loans, acquisition/rehab loans, and permanent financing — all at rates and terms with sufficient flexibility to ensure affordability for the most vulnerable residents of Northern Nevada.
NewWest provides flexible financing for all phases of affordable housing. This community development financial institution (CDFI) collaborates with government agencies, for-profit and nonprofit developers, and industry stakeholders throughout its market.
The NewWest team has extensive experience in lending and community development to advise borrowers and provide quality technical assistance. NewWest’s organizational model is efficient and nimble, allowing the organization to offer very personalized service, which is an important component in the long-standing relationship between NNCH and NewWest.
“[NNCH] develops, owns, and manages high-quality affordable housing coupled with supportive services for those most in need in our community,” said Jocelyn Kendall, assistant executive director, NNCH. Below-market interest rate financing, such as the financing provided by NewWest, allows NNCH to create and preserve this housing and provide support resources to our residents.”