The Greensboro Housing Loan Fund, a public-private partnership for attainable housing, is officially in business. The targeted $32.5 million loan program, for which $21 million has been raised to date, is aimed at for-profit and nonprofit developers of local, multifamily structures.

The program’s goal is to increase the inventory of attainable housing in Greensboro through new development and repair/rehabilitation of existing housing.

To qualify, borrowers must have recent relevant, attainable housing development experience, and their planned development must be within Greensboro’s city limits. Loan funds may be used to acquire or refinance and, if needed, rehabilitate existing attainable housing. This is not a home loan or rental subsidy program.

The $21 million funding will be administered by two Community Development Financial Institutions (CDFIs) with two different loan programs whose lending activities differ in scale:

• $8 Million: Institute Capital (ICAP), an affiliate of the National Institute of Minority Economic Development, will who are working to create thriving economies in diverse Greensboro communities. These loans are targeted to attainable housing developers, community-based development organizations, and small businesses.
ICAP Contact: T.F. Congleton, email, phone 252-916-5211

• $13 Million: Self-Help Ventures Fund, part of Self-Help’s family of nonprofit organizations, will offer loans to borrowers who, having secured market rate senior debt financing, require supportive gap financing for both preservation of existing attainable housing and construction of new attainable housing. These loans are targeted to sole proprietors, partnerships, LLCs, corporations, and nonprofit or for-profit entities.
Ventures Contact: JJ Froehlich, email, phone 919-794-6792

“Too many of our seniors and low income families are struggling to find or maintain housing they can afford,” said Michelle Kennedy, director of the City’s Housing and Neighborhood Development Department. “We are excited about the additional possibilities this public-private housing loan fund will bring to the development of quality attainable rental units.”

The creation of a housing loan fund was recommended in the City of Greensboro’s 10-year Housing GSO Plan in 2020. The Community Foundation of Greater Greensboro has partnered with the City to make the fund a reality. Greensboro City Council committed $5 million from the 2022 housing bond funds to the ICAP portion of the program.

Both the City and the Community Foundation have partnered with several regional banks and corporations to support the fund, and the Community Foundation continues to secure support through private philanthropy.

If you are interested in investing in the fund, please contact the Community Foundation at 336-379-9100.