North Carolina Construction News staff writer
The Greensboro Housing Loan Fund, a public-private partnership for attainable housing, has launched its $21 million loan program aimed at for-profit and nonprofit developers of local, multifamily structures.
“We’re calling on housing developers, big and small, local and outside the region, to tap into this loan fund for substantial projects that grow their bottom line and address our housing crisis,” said Walker Sanders, President, Community Foundation of Greater Greensboro.
The program’s goal is to increase inventory of attainable housing in Greensboro through new development and repair/rehabilitation of existing housing.
“Too many of our seniors and low income families are struggling to find or maintain housing they can afford,” said Michelle Kennedy, director of the housing and neighborhood development department. “We are excited about the additional possibilities this public-private housing loan fund will bring to the development of quality attainable rental units.”
To qualify, borrowers must have recent relevant, attainable housing development experience, and their planned development must be within Greensboro’s city limits. Loan funds may be used to acquire or refinance or rehabilitate existing attainable housing.
Funding will be administered by two Community Development Financial Institutions (CDFIs) with two different loan programs whose lending activities differ in scale:
$8 Million: Institute Capital (ICAP), an affiliate of the National Institute of Minority Economic Development, will who are working to create thriving economies in diverse Greensboro communities. These loans are targeted to attainable housing developers, community-based development organizations, and small businesses.
$13 Million: Self-Help Ventures Fund, part of Self-Help’s family of nonprofit organizations, will offer loans to borrowers who, having secured market rate senior debt financing, require supportive gap financing for both preservation of existing attainable housing and construction of new attainable housing. These loans are targeted to sole proprietors, partnerships, LLCs, corporations, and nonprofit or for-profit entities.
The Community Foundation of Greater Greensboro has partnered with the City to make the fund a reality. Greensboro City Council committed $5 million from the 2022 housing bond funds to the ICAP portion of the program.
Both the city and the Community Foundation have partnered with several regional banks and corporations to support the fund, and the Community Foundation continues to secure support through private philanthropy.
To invest in the fund, contact the Community Foundation at 336-379-9100.