We’re turning under-utilized land into affordable rental housing.
“We’re not developers, but we want to use our land to help our community.”
We hear this a lot. Many organizations would like to build housing, but they often lack the capital and expertise to pursue a project. Most nonprofit landowners or their sites aren’t a fit for typical development models.
NWH can make it happen.
New Way Homes provides a pathway for mission-aligned land owners to co-own new rental housing projects without putting down any capital or managing the intensive development process.
How it works.
Step One
Community members and institutions with land reach out to New Way Homes. Both parties share their mission goals and discussions determine whether the site can be developed into mission-driven housing that serves the community, the site owner, and NWH’s requirements.
Step 2
A development agreement is signed under which New Way Homes brings capital and the Envision Housing development model, while the site owner agrees to lease the property to the project if the project is successfully permitted.
Step 3
With the design, capital and a plan in place, we complete the necessary steps to obtain all project approvals before starting construction. A project LLC is formed to manage the project design, permitting, finance, construction, and operations. This project LLC is the borrower on any construction and permanent loans, so the land owner does not take on any debt or guarantees of debt.
Step 4
After construction is finished, the parties share cash flow as agreed to at the outset of the project, and the land owner can retain an option to own the new building in full.
We are actively selecting sites in Monterey, Santa Cruz, Santa Clara and Alameda Counties.
