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Self-Help Closes $500,000 Loan for Low-Income Housing

By Suzanne J.
  | Oct 15, 2015

Multifamily House Site in Charlotte
Pre-construction view of one of the west Charlotte buildings NCBK is developing.

We’re pleased to announce our recently closed loan to North Carolina developer NCBK Delphen Property Investments. The loan provides construction and permanent financing to renovate 17 units of low-income multifamily housing in west Charlotte, NC.

When finished, the properties will provide much-needed affordable rental housing for 17 Charlotte families and will serve primarily low-income voucher tenants, including providing supportive housing for veterans. Plus, NCBK’s efforts will help strengthen the neighborhood by fixing up dilapidated and boarded-up buildings and putting them back into use.

Self-Help has extensive experience with the Neighborhood Stabilization Program (NSP), and we were able to use NSP funds from the City of Charlotte for this project. By spring 2016 the properties will be fully renovated and ready for residents.

  • Loan amount: $510,050
  • Use: Renovation of dilapidated property to create low-income multifamily housing.
  • Total project cost: $1.3 million 
  • Project square footage: 20,119 SF 
  • # of housing spaces created or maintained: 21

Interested in a multifamily housing loan with Self-Help?

Get in touch with us or learn more about our multifamily housing loans.

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