History

 

 

New Hope Community Capital, Inc. was established in 1991 as New Hope Housing Management, Inc., and was appointed receiver of several distressed properties in Holyoke, Massachusetts. New Hope's intervention preserved the properties for the use of low-income tenants while greatly improving their condition. During the 1990s New Hope expanded its activities to include acquisition, redevelopment and financing activity, as well as management activities, and it changed its name to New Hope Housing, Inc. It was involved in the acquisition and redevelopment of a YMCA building in Jersey City, New Jersey, 220 units of housing known as Kensington Square in New Haven, Connecticut and the acquisition and repositioning of Church Street South, a 301-unit affordable housing development in downtown New Haven.

 

In 1999, New Hope refocused its efforts on raising capital for affordable housing and related community development activities. Its charitable purposes were expanded to include this activity, as well as making investments, grants and loans to nonprofit organizations and to nonprofit-sponsored projects and entities. In this capacity, New Hope has participated in a number of equity funds in which it has provided equity finance, acquisition, organization and other services to investors or syndicators in consideration of certain fee and expense reimbursement payments. Those funds have invested in low-income housing tax credit transactions sponsored and developed by TCB and by other nonprofit developers. New Hope has also received a fees in consideration for providing investor equity finance and other investor services with respect to non-profit sponsored Low Income Housing Tax Credit projects.

 

New Hope began to explore ways to increase its impact by expanding the range of its financing activities, in particular by increasing its lending activity.  New Hope saw a particular need in many of the markets it serves for improved access to predevelopment loans to advance affordable housing and community development projects.  In late 2014, New Hope was certified as a Community Development Financial Institution (CDFI) by the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund). In 2015, New Hope changed its name to New Hope Community Capital, Inc.

 

Select Investments

BergenviewBergenview Homeless Housing

 

 

This 1999/2000 development rehabilitated the Jersey City YMCA to provide 131 units

of supportive housing for formerly homeless individuals. New Hope raised

$8.7 million in equity for the $9.7 million rehabilitation.

 

 

 

 

 

 

 

Casa MariaCasa Maria Senior Housing

 

 

In 2007, New Hope raised $7.3 million in equity towards this $21.6 million

occupied rehabilitation that preserved 85 units of affordable elderly housing in Boston's

North End.

 

 

 

 

 

 

 

Chauncy HouseChauncy House Boston Affordable Housing

 

 

Chauncy House is an 88 unit affordable family development with a prime location

in downtown Boston. In 1999, New Hope assembled $2.4 million in equity

for an $8 million rehabilitation that preserved Chauncy House's affordability.

 

 

 

 

 

 

 

 

 

 

 

Fairlawn MarshallFairlawn Marshall Washington DC Affordable Housing

 

 

Fairlawn Marshall is a mixed-income redevelopment of 98 units in eight scattered

site buildings across two separate Southeast Washington, DC neighborhoods –

Fairlawn and Marshall Heights. The $20 million renovation was completed between

February and August 2009.