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  • Housing Authority of The Borough of Edgewater (New Jersey)

    NW Financial was selected as placement agent for the equity generated by the allocation of low income housing tax credits and completed its commitment to close one year later.  This project represents the first time a housing authority in New Jersey created a non-profit subsidiary to serve as developer for the construction of a senior citizens tax credit project. NW Financial provided bridge financing and the guarantee of delivery of the tax credits since the Housing Authority, as a non-profit agency, could not provide the security required by the limited partner investors, nor could it secure the up-front dollars required to begin the construction process.   The investors were willing to accept NW Financial’s guarantee because of its track record in the housing and development field.