New Loan Closing: Richmond Neighborhood Housing Services
Affordable homes for Bay Area families
$250,000 working capital loan
Richmond Neighborhood Housing Services (RNHS) provides affordable rental housing and services to support first-time homebuyers, focusing on low-income Black women in and around Richmond and Oakland, CA. Founded by a dedicated group of residents who believe that affordable housing shouldn’t stop at renting, RNHS has worked to reverse systemic segregation, redlining, disinvestment, and blight. In partnership with local residents, businesses, financial institutions, and government agencies, RNHS offers low-income households and people of color the tools they need to achieve financial equity.
RNHS has received a federal Community Development Block Grant (CDBG) in support of its efforts to develop and rehabilitate affordable homes across the East Bay. However, without access to debt, the organization would need to divert money from their development pipeline to maintaining their existing properties, slowing the rate at which they could build or rehab new ones. Financed through NFF’s CARE Fund, which offers 0% interest loans to community-centered nonprofits led by people of color, this loan will ensure that RNHS has sufficient cash flow to both continue its existing services and develop new affordable homes for Bay Area families.