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Other Community Models
“We all know that, like so many other places, affordable housing is in crisis. And getting people in the appropriate homes at the right time is essential for all of our communities to remain healthy."
–Wake County NC Commissioner Chair Sig Hutchinson
Below is a list of communities that Twin City Housing Capital has benchmarked. Each has employed a cross-sector partnership model to address the housing crises in their community.
Charlotte Housing Opportunity Investment Fund (CHOIF)
A unique partnership of public and private leaders came together in 2019 to create CHOIF, raising $53 million in private capital, which effectively doubled the City of Charlotte’s investment in affordable housing. CHOIF has invested in nine projects to date, leading to approximately $167 million in total development – with 93% of housing units reserved for households earning 80% or less of Charlotte’s Area Median Income (AMI); of those, 25% are affordable for those making 30% of AMI or less. In its first three years, CHOIF created or preserved 1,047 housing units for working families according to the Local Initiative Support Corporation (LISC), which administers the fund.
Greensboro Housing Fund
Since 2022, Greensboro has raised $27 million for its Housing Preservation Fund from the City, Community Foundation of Greater Greensboro (CFGG), private donors, and financial institutions with Self-Help Ventures serving as Administrator. The Fund will support preservation of older multi-family structures and single family homes, leveraging public and private capital. Truist has given $10 million to the effort; Pinnacle and the City of Greensboro each committed $5 million, followed by Wells Fargo at $3 million and Southern First and CFGG at $1 million each. Private donors have contributed $2 million or 7.4% of the fund.
Durham Affordable Housing Fund
Over 10 years, the Durham Affordable Housing Loan Fund is projected to support the creation or preservation of more than $1,000 affordable homes. The Fund will enable local affordable housing developers to stabilize and expand production by building multi-year development pipelines. Self-Help Ventures is the administrator and guarantor. Initial investments total $10,000,000, including $2,000,000 from the City of Durham, $3,000,000 each from Duke University and SunTrust Bank, and $2,000,000 from N.C. Community Development Initiative.
Raleigh and Wake County Housing Fund
In October of 2022, City and County leaders launched a $61.5 million affordable housing preservation fund that includes monetary support from financial institutions. Since 2010, Wake County has lost nearly 60% of its housing units with rents under $750 per month. The fund started with $10.5 million from Wake County in October 2021 followed by $4 million from the City of Raleigh. The local governments picked Self-Help Ventures, a Durham-based nonprofit financial institution, to oversee the fund. With the help of Truist, First Horizon, and Wells Fargo, the fund has grown to $61.5 million.
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The loan fund is expected to preserve more than 3,000 affordable units over the next 15 years through two different loan options:
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A short-term revolving loan to help acquire properties to give developers time to obtain long-term financing.
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A longer-term permanent financing loan to acquire and rehabilitate property specifically targeted toward “naturally occurring affordable housing.”
The Housing Opportunity Fund of Pittsburgh
In 2015-2016, the City of Pittsburgh assembled an Affordable Housing Task Force to better understand the housing needs across the City. The Task Force recommended the City establish a Housing Trust Fund. Today the Housing Opportunity Fund (HOF) is overseen by an Advisory Board (17 Pittsburgh residents with varying occupations and socioeconomic backgrounds) and a Governing Board.
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The City of Pittsburgh committed $10 million per year for the next 12 years. The following programs were approved for the 2023 funding year:
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Rental Gap Program
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Homeowner Assistance Program
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Housing Stabilization Program
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Down Payment and Closing Cost Assistance Program
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Housing Stabilization Program
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For-Sale Development Program
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Small Landlord Fund
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Legal Assistance Program
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Demonstration Program
Denver Revolving Affordable Housing Loan Fund
In early 2016, Denver launched a $10 million Revolving Affordable Housing Loan Fund to help widen the capital pool for affordable housing projects. The initiative has had so much success bringing new projects online that the city expanded support for affordable housing last fall, approving plans to preserve or build thousands of units. A new $500,000 property tax increase, paired with new development impact fees, will raise $156.4 million over the next decade. In addition, Mayor Michael Hancock announced a pilot “buy-down” program that would turn vacant high-end apartments into affordable units by tapping into the newly created housing fund.
Cincinnati Affordable Housing Leverage Fund
The Affordable Housing Leverage Fund (AHLF) is an aggregation of funds managed by the Cincinnati Development Fund (CDF) to finance the construction, rehabilitation, and preservation of affordable housing in Greater Cincinnati. Sources include public, private, corporate, and charitable funds, each with their own goals, terms, and conditions. As a Community Development Financial Institution (CDFI), CDF finances complex real estate projects by evaluating proposed financing requests and matching individual project goals with the appropriate sources. Learn more here.