Established in 1993 as a California not-for-profit corporation, Neighborhood Partners is also incorporated in the State of Utah.
With 501(C)3 designation from the Internal Revenue Service (IRS), the mission of Neighborhood Partners is to provide dignified affordable housing for working families; and also, provision of community based economic development services.
Neighborhood Partners has plans to attract capital for investments in the underserved communities, foremost by creating business and employment opportunities, that in turn would entice employers’ offering well-paying jobs.
Neighborhood Partners has the capacity to collaborate and partner with the larger real estate developers, nationwide, to assist in the development of “mixed-income” and “mixed-use” rental apartment projects.
- The collaborative partnerships with the larger private developers, or public bodies, will provide the opportunity to finance multifamily housing projects through the issuance of Tax-Exempt Multifamily Housing Revenue Bonds. In a rising interest rate environment, the Tax-Exempt Bonds provide for the lowest all-in cost cost of debt in the capital markets.
- In addition, the commitment for renting a part of the apartment units in the mixed-income projects, at or below eighty percent of the area median income (80% AMI) would allow for the proportionate abatement of property taxes, with direct positive impact on the bottom line of operating statements.
- Moreover, mixed-income apartment projects partially alleviate exposure to charges in the market rents and the possibility of down ward market trends.
Neighborhood Partners, by the virtue of its designation as a 501(C)3, pursuant to the Internal Revenue Code (IRC), can issue Tax-Exempt 501(C)3Multifamily Housing Revenue Bonds, with no requirement for the prerequisite of otherwise volume cap allocation. The Tax-exempt 501(C)3 Bonds may fund development of housing projects with low-income components, and also, other eligible public purpose projects as provided per the IRC.