Organization: Community Housing Capital, Inc. (CHC)

Award: Community Housing Capital, Inc. received a $25 million allocation in New Markets Tax Credits (NMTC) from the U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund.

Background:

• Mission: CHC is dedicated to providing financing to support the development and preservation of affordable housing in underserved communities. They work closely with nonprofit housing developers to ensure that low-income families have access to safe, affordable homes.
• Impact: Since its founding, CHC has facilitated the development of thousands of affordable housing units across the United States, improving the quality of life for low-income residents.

Impact:

• Affordable Housing Development: CHC’s projects have included the development and rehabilitation of affordable housing units, providing crucial support to communities in need.
• Job Creation: The organization’s investments have not only provided housing but also created jobs through construction and ongoing property management.

Project Focus:

1. New Housing Developments: The $25 million NMTC allocation will be used to finance the development of new affordable housing projects in low-income communities. This includes the construction of multi-family housing units that are designed to be both affordable and sustainable.
2. Rehabilitation of Existing Properties: Part of the allocation will also support the rehabilitation of existing housing stock, ensuring that current affordable housing remains safe and livable for residents.
3. Community Facilities: In addition to housing, CHC’s projects often include the development of community facilities such as childcare centers, health clinics, and educational spaces that enhance the overall well-being of residents.

Quotes from Officials:

• Jodie Harris, Director of the CDFI Fund: “The New Markets Tax Credit program plays a critical role in financing many vital businesses and community projects in our nation’s low-income communities. The investments that will result from today’s announcement will help preserve and create hundreds of thousands of jobs and spur economic growth in these urban, rural, and Tribal communities across our country.”

Significance: The NMTC allocation allows CHC to continue its mission of fostering economic growth and revitalization in low-income communities by providing essential financial support for impactful projects. These investments will drive significant improvements in community infrastructure, economic opportunities, and overall quality of life for residents.