Upstate CDFI Fund Exceeds 1.1 Million
Greenville Housing Fund Increases Lending Capacity
Greenville, S.C. (May 24, 2012) –Greenville Housing Fund (GHF), a certified Community Development Financial Institution (CDFI) and local non-profit, has exceeded $1.1 million in lending capacity to be used to build community wealth in Greenville and the Upstate.
GHF has recently received three Program Related Investments (PRIs) collectively totaling $500,000 from another South Carolina CDFI and two banks. The approved PRIs include investments from Lowcountry Housing Trust Fund, South Carolina Bank and Trust (SCBT) and BB&T. These funds will be made available in Greenville, Anderson and Spartanburg counties.
SCBT was the first bank to make a PRI to GHF. “South Carolina Bank and Trust believes in the mission of CDFIs in South Carolina and that’s why we are excited to continue our partnership with Greenville Housing Fund. We are pleased our $150,000 PRI to GHF has been approved and will be loaned to those who need it most in our community. Not only is this a great opportunity to invest in Upstate South Carolina, but it also has helped us as a bank receive significant CRA (Community Reinvestment Act) credits which are required by the Federal Government,” says Mike Coggin, Regional President of SCBT.
PRIs combine financial return with social benefits. Unlike grants, PRIs are paid back at below-market interest rates and are recycled back into other community development activities. These investments will allow GHF to provide loans and financial services to underserved markets including low-wealth households, minorities, small entrepreneurs and affordable housing developers.
Additionally, GHF has continued to receive generous support from the City of Greenville, Greenville Redevelopment Authority, Hollingsworth Fund and the United Way of Greenville County for the ongoing affordable housing and community building programs in Greenville.
Merl Code, Hollingsworth Fund, comments, “We are proud to continue to support GHF and are looking forward to seeing these funds used to improve Greenville County residents’ quality of life as well as build a more financially stable Greenville Community.”
To learn more about how businesses and individuals can partner with GHF to help build financial stability in Upstate communities, visit www.greenvillehousingfund.org or call 864-235-6331.
About Greenville Housing Fund (GHF)
GHF is non-profit organization established in 2008 to promote affordable housing and community development as a critical vehicle for fostering stable families and healthy communities in the Upstate of South Carolina. GHF strives to impact the quality of life of local residents and nurture livable communities through our partnerships with individuals and organization to provide affordable housing, education, and employment opportunities. GHF offers a variety of assistance programs including: Homebuyer Assistance Program, Mortgage Program, Individual Development Account Program, Microloan Program and Bridge Loan Program.