NAHT Development Partner Wins Reader’s Choice Award
National Affordable Housing Trust (NAHT) is excited to congratulate The Community Builders (TCB) on its recent Affordable Housing Finance (AHF) Reader’s Choice Award for the Lofts at Loomworks. In January of 2015, NAHT, in partnership with TCB, closed on $15 million of Low Income Housing Tax Credit (LIHTC) to finance the historic rehabilitation of The Lofts at Loomworks.
“As one of the major funding partners, we’re particularly proud that our peers have acknowledged the work done to preserve the architectural integrity of the property.” Stated Lori Little, VP/Director of Capital Markets and Investor Relations at NAHT. “NAHT feels grateful to have played a role in not only providing quality affordable rental homes to low-income families, but also restoring an important piece of history to the local community.”
The Lofts at Loomworks received AHF’s 2016 Reader’s Choice Award for Best Historic Rehab. Located in Worcester, Massachusetts, The Lofts at Loomworks provides 94 affordable rental homes to low- and extremely low-income families. In June, the project also received one of the Low Income Housing Tax Credit Coalition’s annual Edson awards. NAHT secured the LIHTC investment under the NHT-RBS Citizen 31 Tax Credit Fund in partnership with one of its strongest investors, Citizens Bank.
“Citizens Bank is very proud to be a strategic and financial partner on the Lofts at Loomworks,” said Jerry Sargent, Massachusetts President of Citizens Bank. “Citizens works hard to support affordable housing and strengthen our communities so this is a great project for us. Congratulations to TCB.”