NewPoint, Morgan Properties launch affordable housing lending platform

Rob Wrzosek, who was recently promoted to president of affordable strategies at NewPoint, added that the goal of the new products is to “provide investors and developers with something fundamentally different in a sector that has remained relatively unchanged in recent years, despite a market that has evolved.”

“These solutions solve contemporary challenges and provide additional certainty in creating and preserving desperately needed affordable housing during an increasingly volatile environment,” he said.

NewPoint Impact will finance the construction and the acquisition or rehabilitation of affordable housing through various financial products, from construction loans to long-term permanent financing, with loan amounts starting at $8 million. NewPoint Impact is available to both for-profit and non-profit 501(c)(3) developers, with terms ranging from two to 40 years, depending on the execution.

“We created NewPoint to transform multifamily finance, and it’s impossible to do so without breaking new ground in affordable housing finance,” said NewPoint CEO David Brickman. “We have already established an affordable housing platform comprised of the foremost experts in Fannie Mae, Freddie Mac and FHA executions – now, through our partnership with Morgan Properties, we have created additional tools to bring unmatched value, speed and creativity to the organizations working to solve our nation’s affordable housing crisis.”