Community Foundation of Greater Greensboro
Housing
Making affordable housing a priority for our community
The Community Foundation’s housing efforts are focused on convening, grantmaking, and advocacy. In partnership with the City of Greensboro and other key stakeholders, our goal is to leverage resources for maximum impact.
The Challenge
Understanding housing needs in guilford county
Our Solution
Greensboro housing loan fund
The Greensboro Housing Loan Fund is a public-private partnership for attainable housing. The targeted $32.5 million loan program, of 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 and rehabilitation of existing housing. Rehabilitating older multifamily buildings improves the health of residents, extends the useful life of housing, and revitalizes neighborhoods.
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Institute Capital (ICAP), an affiliate of the National Institute of Minority Economic Development, will offer loans to borrowers who cannot typically get capital from mainstream financial institutions, and 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.
Contact: T.F. Congleton, tcongleton@theinstitutenc.org, 252.916.5211, Institute Capital (ICAP)
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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.
Contact: JJ Froehlich, john.froehlich@self-help.org, 919.794.6792, Self-Help Ventures Fund & Credit Union
If you are interested in investing in the fund, please contact Walker Sanders at wsanders@cfgg.org.
About our Housing Initiative
Our housing initiative is a shared effort between the City of Greensboro and the Community Foundation of Greater Greensboro. Initiative funds are used to commission research on the state of housing in Greensboro as well as the effects of affordable housing. These efforts help shape a shared vision for successful, sustainable, and affordable housing for all residents.
Affordable housing options are necessary for the vitality of our community and its future. Several studies show that stable, healthy, and affordable housing improves residents’ health and lowers health costs. A Center for Outcomes Research and Education report showed a 12% decrease in Medicaid costs for families in affordable housing. Studies also show that stable, healthy, and affordable housing can improve children’s academic performance.
What’s more, the National Association of Home Builders estimates that each 100 units of affordable housing development generates 152 jobs, more than $800,000 in one-time local tax and fee revenue, and local wage and business earnings of $2 million annually.
Investing in affordable housing options can meet the pressing needs of Greensboro’s residents, while also achieving the added benefits of contributing to the area’s economy, increasing positive health and academic outcomes, and creating a more sustainable community.
The Community Foundation of Greater Greensboro envisions a future where everyone in our community lives in safe, affordable housing. Our housing initiative seeks to address Greensboro’s housing affordability gap through collective community action that:
Improves quality and increases the quantity of affordable housing.
Equips people to better afford and access housing.
Creates a culture of collaboration to support long-term solutions for affordable housing
Commits to sustainable, long-term resources for affordable housing
Housing Partnerships and Funds
Bringing solutions that support the community
The housing funds at the Community Foundation of Greater Greensboro serve as a vital resource to address housing challenges within our community, ensuring safe and affordable housing for all residents. These funds not only support housing initiatives but also drive innovative solutions and partnerships aimed at creating sustainable, inclusive neighborhoods that enhance the overall quality of life in Greensboro.
The creation of the Housing loan fund was recommended in the City of Greensboro’s 10-year Housing Plan in 2020, and the Community Foundation of Greater Greensboro has partnered with the City to make the plan 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 continues to secure support through private philanthropy.
Emergency Tenant Assistance Program (ETAP)
ETAP helps families and individuals stabilize their lives by accessing safe, healthy, affordable housing. This program operates as a partnership between the Greensboro Housing Coalition (GHC), the Community Foundation, and the City of Greensboro. Clients are counseled and screened for eligibility by GHC, and if their situations warrant assistance with rent and utility deposits, GHC recommends financial support.
Affordable Housing Fund
This fund was created with support from the Ford Foundation, the Community Foundation, and matching donors to provide grantmaking and revolving support for collaborative affordable housing projects generally involving nonprofits, governmental agencies, builders, and others.
Kavanagh Housing Fund
Established by Roger Kavanagh, this fund is used on a permanent, revolving basis for affordable housing with an emphasis on involving for-profit building contractors to leverage public/private partnerships.
Affordable Housing Management (AHM) Resident Education and Enrichment Fund
In partnership with the Community Foundation, this program assists residents living in AHM apartment communities with up to $1,000 per household for education to enhance their employability. AHM staff collaborated with Community Foundation staff to develop the program, program guidelines, and a streamlined application process. Since the program’s launch in 2013, over $54,000 has been granted to support over 60 individuals, many of whom secured employment as a result of the program.
Community Housing Solutions (CHS) Home Rehab and Repair Program
The Community Foundation partners with Self-Help Credit Union and CHS to place funds on deposit at Self-Help Credit Union. This provides CHS with the ability to secure a line of credit that is used to purchase and rehab homes. CHS acquires vacant, abandoned, or foreclosed properties to rehab and resell back to qualified low-income homeowners. CHS has acquired over 30 homes since 2007, investing nearly $3 million in the Greater Greensboro community.