On April 15th the US Treasury Department through the CDFI Fund announced the availability of $80M to be made available for non profit affordable housing developers and certified Community Development Financial Institutions (CDFIs) administering revolving loan funds for such projects. After surveying the current affordable housing market and fully understanding the local financing needs, the Lowcountry Housing Trust (LHT) applied for over $6M which could be made available to area affordable housing developers in the form of a 15 year permanent financing loan for low to moderate income rental developments.
The application was extremely competitive and had a quick turn around time, due April 15th. LHT is the only CDFI in the Lowcountry providing this type of financing. Although these funds are highly sought after, LHT is confident its track record and ability to leverage investments from public and private sources will make LHT a competitive candidate. The Capital Magnet Fund (CMF) was authorized by the 2008 Housing and Economic Recovery Act and was funded through this year’s budget.
Learn More at …….
Tammie C. Hoy
Executive Director
Lowcountry Housing Trust
PO Box 21163
Charleston, SC29413
843-973-7285 p
843-973-3598 f
www.lowcountryhousingtrust.org
tammie
