Community Housing Capital (CHC), a community development financial institution (CDFI) and national community development lender, announced today a $5 million investment from TD Bank. This three-year credit facility will support CHC’s lending activities along the eastern seaboard areas served by TD Bank’s footprint. TD Bank has an affinity for working with CDFIs and a long and successful history of matching their investments with the important work of the NeighborWorks® network.
A leader in affordable housing lending, CHC provides both interim real estate development and permanent multifamily loans for the development and preservation of affordable housing in low- and moderate-income communities. CHC offers the flexible and experienced underwriting required for the complex transactions that create and preserve quality, affordable housing across the country.
“We hope to revolve this credit facility 3-4 times over the next 3 years to finance multifamily acquisition, construction and substantial rehabilitation,” said Debbie Campbell, VP/Capital Initiatives of Community Housing Capital. “We are also very grateful that their faith in our ability and belief in our mission allowed CHC to extend TD Bank’s reach into developments that create strong communities.
TD Bank is dedicated to enriching the lives of the people and communities in its footprint and their new relationship with CHC will help to increase their investments in affordable housing from Maine to Florida. “CHC is one of the most well-run CDFIs in the country,” said Dennis P. Lagueux, Senior Vice President, Community Development at TD Bank. “They have a very smart group of people working with a network of nonprofit developers who have an impressive track record of success. We know CHC is a leader in this space and can help TD Bank deliver much needed capital where it will impact lives and communities long-term.”
This year marks CHC’s 15th anniversary serving the nonprofit affordable housing developers of the NeighborWorks network. Since 2000, CHC has originated 332 loans totaling $380 million. This activity has facilitated over $1.5 billion in total development across 39 states and the District of Colombia.
CHC’s other investors include, Morgan Stanley, Deutsche Bank, Bank of America, PNC, Wells Fargo, the Calvert Foundation and NeighborWorks America.