Community Housing Capital (CHC) used CapNexus to find a participation partner for a $900,000 loan to RuralEdge, a community development organization engaged in the preservation and substantial rehabilitation of a 24-unit affordable rental apartment building for seniors. The Governor Prouty Apartments are on 1.51 acres located in a mixed-use neighborhood that was developed over 100 years ago on the shores of Lake Memphremagog in Newport, Vermont. The Disability Opportunity Fund (DOF) saw the CapNexus announcement and responded to CHC. DOF provides funding for projects that address the gap in housing and related services for people with disabilities and their families. Dave Landis, COO, Community Housing Capital, was glad to make the connection. “Prior to joining CapNexus, we were not aware of DOF. Now it’s become a great partnership for us and we’ve done two separate participations with them, “ Dave said. CapNexus brings partners together to accomplish a common objective.
Success Story
Asset ClassMulti-Family Housing
GeographyVermont
CityNewport, VT
Amount$900,000
Financing TypeParticipation Loan
Interest Areas
Disability
Housing
Non-Metropolitan County Status and NMTC Eligibility:
Eligible and Non-Metropolitan
CDFI Fund New Markets Tax Credit Eligibility
% of Area Median Income:
69.17%
Poverty Rate:
37.90%
Unemployment Rate:
9.30%
SBA HUBZone:
Qualified HUBZone
Medically Underserved Area:
Not an MUA or MUP
CDFI Fund Investment Areas
High Population Loss:
Low Population Loss (Metro & Non-Metro)
Total Population:
2,484
% of Area Median Income:
74.69%
Unemployment Rate:
9.3%
Poverty Rate:
37.9%
CRA Eligibility
CRA Eligibility:
Moderate Income
% of Area Median Income:
74.69%
Minority Population:
105
BEA Distressed Communities
BEA Distressed Community:
Distressed Community (Complete)