Affordable Housing Development Loan

Affordable Housing Development Loan is sponsored by CommunityWorks Carolina. CommunityWorks offers economical loans for developers and nonprofits to support affordable housing development, including rental, homeownership, and mixed-income and mixed-use projects, in low-income communities across South Carolina.

Community Development Loans - CommunityWorks Carolina Community Development Loans Building a Better Community for All Our Community Development Loans Help Support Low-Income Communities Across South Carolina CommunityWorks offers economical loans for developers and nonprofits. Our community loan services help support affordable housing development, community facilities, and commercial revitalization to strengthen low-income communities.

These loans can go up to $2. 5M in an effort to restore and support low-income areas of South Carolina. If you’re looking for Down Payment Assistance as a homebuyer, see our homebuyer assistance page.

Community Development Loan Options Affordable Housing Development Loan Commercial Facilities Loan Community Loans Spartanburg Housing Fund Affordable Housing Development Loan Affordable Housing Development Loan Provides loans of up to $2. 5M to qualifying applicants.

The goal of the Affordable Housing Loan is to increase affordable housing opportunities for low and moderate-income families, including rental, homeownership, and mixed-income and mixed-use projects.

The Affordable Housing Loan offers the following uses for developers: PREDEVELOPMENT: To pay due diligence expenses, deposits, and other early phase costs (up to $500,000) ACQUISITION: To pay purchase price and closing costs for property acquisition (up to $2. 5M) BRIDGE: To bridge the timing between project or programs costs and receipt of cash from committed sources (up to $2.

5M) CONSTRUCTION: To pay hard and soft construction costs for new or renovation projects – this includes costs for needed for net zero building/upgrades (up to $2. 5M) MINI-PERM: To provide longer-term loans for projects requiring stabilization or interim financing (up to $2.

5M) LANDLORD ASSISTANCE: To provide capital for the rehabilitation of existing rental units to meet HUD standards for Section 8 Vouchers and/or make energy efficiency upgrades toward a net-zero unit with the purpose to lower tenant overall energy consumption and decrease energy bills (up to $100,000) LOW INCOME HOUSING TAX CREDIT (LIHTC) FINANCING: To provide capital to tax credit developments that need local community financing (up to $1M) Commercial Facilities Loan Commercial Facilities Loan Provides loans up to $1M to qualifying applicants.

The goal of the commercial facilities loan is to increase economic opportunities and job creation in underserved and underrepresented populations and communities.

PREDEVELOPMENT: To pay due diligence expenses, deposits, and other early phase costs (up to $500,000) ACQUISITION: To pay purchase price and closing costs for property acquisition (up to $500,000) CONSTRUCTION: To pay hard and soft construction costs for new or renovation projects (up to $1M) MINI-PERM: To provide longer-term loans for projects requiring stabilization or interim financing (up to $1M) CommunityWorks offers community loans in an effort to support nonprofit and community-based organizations to increase their financial capabilities to deliver their programs and projects in an effective and timely manner.

Up to $250,000 As working capital for a non-profit organization who needs flexible capital to meet organizational cash flow or pay project-based expenses. Bridge loans for solar energy conversion and owner-occupied upgrades to move the commercial real estate toward a net-zero building.

Spartanburg Housing Fund is a partnership between the City of Spartanburg and CommunityWorks where funds are used exclusively to fill gaps in development projects that build, preserve, or improve affordable housing units in the city. The fund will make affordable housing developments more financially feasible.

A new program from the Spartanburg Housing Trust Fund aims to increase the amount of affordable renting housing units in the city of Spartanburg by deploying funding to rental developments. Applicants interested in submitting a letter of interest to receive financing can click on the button below. What to know about this new program: A letter of intent will need to be submitted to apply for funding.

Projects are eligible for up to $500,000 in funding. Preference is for developments serving households at 60% of AMI or less but will assist developers serving households up to 100% of AMI. CommunityWorks can provide additional lending capital to support the overall development efforts.

For developers interested in the Spartanburg Housing Trust, please contact Katy Davenport for initial requests at kdavenport@cwcarolina. org. For More Information or Assistance Contact CommunityWorks Loan Officers by email or call (864) 235-6331.

EMAIL LOANINFO@CWCAROLINA. ORG Call (864) 235-6331