NeighborWorks America has awarded $35 million to 117 local NeighborWorks organizations and two NeighborWorks-affiliated capital corporations to rehabilitate affordable housing nationwide.
The Capital Funding for the Rehabilitation of Affordable Housing grants will enable the local organization to develop or finance:
- Revolving loan funds for rehabilitation lending for owner-occupied properties;
- Rehab of residential rental housing currently owned by local NeighborWorks organizations;
- Rehab of residential rental housing that is newly acquired or will be acquired by local NeighborWorks organizations;
- Rehab of single-family homes that will be acquired or have been recently acquired by local NeighborWorks organizations and will be sold to homeowners.
The funding will help organizations like NeighborWorks Blackstone River Valley in Woonsocket, R.I., which will upgrade and green the units in its oldest low-income housing tax credit development and support other rehab initiatives, including the renovation of a vacant mill building into six affordable apartments.
The grants are made possible through the Consolidated Appropriations Act of 2010.
Demand exceeded the amount of funds available. Eligible applicants requested more than $73 million in grant funds.