We are thrilled to announce that our partner and collaborator, Community Housing Capital (CHC), received a $30 million NMTC allocation award in the 2020 round announced by the CDFI Fund on September 1st.
Since its creation in 2000, Community Housing Capital (CHC), a CDFI and CDE with a national service area, has provided $809M in financing to 145 nonprofit housing developers to fund over 19,550 housing units with total development costs of $2.5B. CHC’s mission is to expand the availability of quality, affordable housing by providing loan products and sustainable capital to the communities across the US served by the NeighborWorks America (NWA) network of 245+ affordable housing developer members. CHC strives to build healthy, vibrant communities by creating innovative capital solutions that help individuals and families live, work, and thrive. By supporting the expansion of affordable housing, CHC’s lending activity contributes to the health and well-being of communities and their residents.
This NMTC allocation enables CHC to attract private-sector debt/investment capital to offer flexible, patient capital that its nonprofit developer clients need for the complex projects they develop. With Smith’s expertise in using NMTCs for affordable homeownership development projects, CHC can offer its clients lower than market rates and more favorable terms to ensure the success of these projects.
With the $30 million allocation, hundreds of new and rehabbed for-sale affordable homes will be developed, providing access to the permanent wealth-building opportunity of homeownership and a foundation of the American Dream for low income buyers and their families.
At least 50% of the homes created will be affordable for buyers earning at or below 80 percent AMI. Enabling low and moderate income buyers to afford homeownership creates a profound benefit for the wealth creation that will uplift their future generations, and also stabilizes communities by strengthening residential ties, removing blight and increasing tax revenues.