The SC Community Loan Fund, a U.S. Treasury certified Community Development Finance Institution, continues to play a key role in financing local housing projects in this tough economic environment.

The Humanities Foundation received $3.5 million in Tax Credit Assistance Program funds administered through the State Housing, Finance and Development Authority as part of the federal stimulus package that Congress passed last year. It then leveraged that money to line up more funding from other sources, including the Charleston Home Program, the city Housing Authority, the SC Community Loan Fund, Bank of America and real estate investment firms Boston Capital and The Richman Group.

“This is not easy stuff to do, not even in good times,” said Ellen Rogers, senior vice president of the community development bank at Bank of America Merrill Lynch. “In this economic environment, it is 10 times harder to make it happen. They have really pulled it together.”  Read More