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Self Help outlines Western North Carolina Affordable Housing Loan Fund; Buncombe has four projects in pipeline
Summary
Self Help Ventures Fund described two loan products—bridge and mezzanine—aimed at closing financing gaps for affordable housing in Western North Carolina; Buncombe County currently has four projects in the fund's pipeline, three nonprofit and one for-profit.
Self Help Ventures Fund housing associate Tracy Thompson told the Buncombe County Affordable Housing Subcommittee on Aug. 5 that the Western North Carolina Affordable Housing Loan Fund is offering bridge and mezzanine loans to help developers acquire, hold and complete affordable housing projects across 18 western North Carolina counties.
The fund, created in partnership with Dogwood Health Trust and managed under Self Help Ventures Fund, seeks to “leverage subsidies, so stretching those existing funds, multiplying capital, and then maximizing community benefit,” Thompson said. The fund targets nonprofits and for-profit developers working on new construction, rehabilitation and preservation of rental housing serving households at or below 80% of area median income.
Thompson said the fund's bridge loans range from $500,000 to $7,000,000 with up to…
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