Woodforest National Bank Invests $2.8 Million to Support Affordable Housing Efforts in Florida with Neighborhood Lending Partners

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May 26, 2022, 15:00 ET

THE WOODLANDS, Texas, May 26, 2022 /PRNewswire/ -- Woodforest National Bank® (Woodforest) is participating in the construction and permanent financing of several affordable housing developments in Florida through a $2.8 million guidance line of credit in a Low-Income Housing Tax Credit (LIHTC) pool with Neighborhood Lending Partners, Inc. (NLP). These LIHTC developer loans for single family and multi-family LIHTC projects within the State of Florida help NLP invest in community revitalization and neighborhood preservation, through the financing of affordable housing and other types of community developments.

Woodforest National Bank is participating in construction and permanent financing of several affordable housing initiatives through a LIHTC developer loan pool with Neighborhood Lending Partners including the Kelsey Cove development (shown above) located in Brandon, FL which will offer 108 affordable housing units for area families.

"I love working with Woodforest National Bank because they are extremely committed to our mission to lift communities and to the Community Reinvestment Act. Woodforest is easy to work with, while they are diligent and detail oriented. My initial contact with Woodforest was with Carmelita Scott from the Bank's Community Development Team. I am deeply saddened by her sudden passing. My heart goes out to her family, friends, and colleagues at Woodforest," said Thais Pepe, Senior Vice President/Senior Lender, NLP.

Doug Schaeffer, Executive Vice President, CRA Executive Director, Woodforest National Bank, added, "Woodforest joined other like-minded organizations to help NLP focus on stabilization and redevelopment efforts in low-income neighborhoods which creates affordable homes and local jobs. With impactful projects such as this one with NLP our team continues to honor Carmelita Scott's legacy and the unwavering passion she had to help communities and families who need it most across our footprint."

An example of a current development project NLP has underway is Kelsey Cove, located at 1010 E. Brandon Blvd., Brandon, Hillsborough County, FL, 33511. The development will offer 108 units for families earning 30%, 60% and 70% of the area median income. Unit amenities will include fully equipped kitchens, washer and dryer connections, and walk-in closets. Community amenities will include a pool, internet café, Wi-Fi connectivity, a fitness center, and an activity/clubroom. Construction started in October 2021 with anticipated completion September 2022.

For affordable housing developments primarily funded by LIHTC equity and other federal programs, NLP combines bank member guidance LOCs to provide both construction and permanent financing. Woodforest is a member of NLP, a Certified Community Development Financial Institution (CDFI), and innovative affordable housing and community development lending consortium with over 30 member banks. Kelsey Cove is one of several affordable housing/community development projects the loan pool with NLP will finance.

About Neighborhood Lending Partners, Inc.

NLP has been a leading affordable housing lender in the State of Florida since 1993. The organization recently expanded into Georgia with the goal of replicating its work to increase the supply of high quality affordable and work force housing for families, seniors, and veterans. NLP is unique in its structure since it was created in large part to provide high quality community development lending opportunities for banks to participate in directly. Today, NLP has over thirty (30) bank members with representation in Florida and Georgia that participate primarily in NLP's multi-family affordable housing loans. NLP also provides revolving lines of credit to nonprofit and for-profit borrowers to rehab and build new single-family homes to sell to low-to-moderate income buyers. As a nonprofit U.S. Treasury-certified CDFI, NLP has a targeted mission to lift communities.

About Woodforest National Bank

Celebrating over 40 years of community banking service, Woodforest National Bank has successfully stood among the strongest community banks in the nation, proudly offering outstanding customer service since 1980. Woodforest currently operates over 760 branches in 17 states across the United States and is an Outstanding CRA-rated institution. For more information about Woodforest National Bank, please visit www.woodforest.com.

SOURCE Woodforest National Bank