Technical assistance from NDC has resulted in a financing plan for the City of Gresham, OR, an NDC client community, that will make possible a combined human services center and apartment complex for Gresham’s impoverished Rockwood neighborhood. This new building will house eight social service agencies and 47 apartments, 15 for homeless families, bringing together under one roof critically-needed services and facilities for community residents. NDC assisted the City of Gresham in applying for a $1,373,000 HUD Section 108 loan that will be used as leverage in a New Markets Tax Credit transaction by Bank of America CDE. Closing on the Section 108 loan and the combined NMTC / LIHTC financing is set to occur by mid-August.

To read more about this unique project, here’s a story that appeared recently in The Oregonian:  (more…)