The Illinois Policy Institute reports that 88% of low-income Chicago families face burdensome housing costs, “severely burdening” two thirds of them, a mounting local challenge that reflects the national crisis. CHC and Chicago-based NLS, like many CDFIs actively working to address housing insecurity, are demonstrating how CDFI partnerships can offer unique, market-based solutions to bring consistent capital for homeownership.
“This pilot demonstrates how Community Development Financial Institutions (CDFIs) are responsive to local market needs,” said Cindy Holler, President and CEO of Community Housing Capital. “For every $1 in governmental support, we infuse $7 in capital into local communities – CDFIs are a win-win for investors and communities alike. By providing flexible capital through the Warehouse Line of Credit, we’re helping CDFIs address liquidity constraints to deliver more affordable mortgage options and help get more families into homes.”
Anthony E. Simpkins, President and CEO of NHS of Chicago, added: “Housing security is foundational to strong communities. This partnership reflects what is possible when CDFIs, banks, and local nonprofit leaders join forces to tackle financing challenges ensuring that more Chicago residents can experience the stability and peace of mind that comes with homeownership.”
The announcement event featured remarks from Holler, Simpkins, and Janice Crawford, Chief Credit Officer of NHS of Chicago, who noted that this brings CHC’s total investment in NHS of Chicago to $3 million.
Through the pilot, CHC will make the Warehouse Line of Credit available to qualifying nonprofit affordable housing organizations nationwide. The program will provide liquidity to fund new residential mortgages for low-and-moderate-income and workforce buyers, with a majority of the purchasers between 80% and 120% of Area Media Income (AMI). Under the line of credit, CHC will fund the mortgages until they are sold to investors such as Fannie Mae, Freddie Mac, and regional banks, among others.
About Community Housing Capital
Community Housing Capital (CHC) is a 24-year-old Community Development Financial Institution (CDFI) and 501(c)(3) created to facilitate the creation and preservation of affordable housing. Since 2000, CHC has, through its lending activity, created or preserved over 24,396 units of affordable housing and facilitated $3.8 billion in total development. Community Housing Capital is headquartered in Decatur, Georgia. For more information, visit its website at https://www.communityhousingcapital.org.
About Neighborhood Housing Services of Chicago
Established in 1975, NHS is a nonprofit organization committed to offering Chicago residents affordable resources so they can buy, fix, and keep their homes. NHS partners with residents, block clubs, neighborhood organizations, financial institutions, the City of Chicago, insurance companies, corporations and foundations so that families can protect and preserve their single biggest investment—their homes. NHS’s mission is creating opportunities for people to live in affordable homes, improve their lives, and strengthen their neighborhoods. For more information, visit https://nhschicago.org/.
Media Contact
Elizabeth Vivirito, Community Housing Capital, 1 7733322570, [email protected], https://communityhousingcapital.org/
SOURCE Community Housing Capital
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