LOAN OVERVIEW

Borrower: Buckeye Community Hope Foundation
Loan Amount: $150,000
Location: Moncks Corner, SC
Project Type: Affordable Housing

SITUATION

South Carolina is experiencing a shortage of affordable housing, and seniors are particularly vulnerable when it comes to finding safe housing affordable on a fixed income. Additionally, the housing challenges seniors face are unique in that housing often needs to be handicap accessible or modified in some way to meet the needs of people facing mobility challenges.

SOLUTION

The Buckeye Community Hope Foundation is a nonprofit organization with the mission of developing affordable housing for low-income families and individuals. Today BCHF has 90 projects consisting of more than 3,700 units of affordable housing across Ohio, West Virginia, Virginia, Indiana, Kentucky, and South Carolina.

BCHF wanted to build a 40-unit new housing development to serve area low income seniors. They utilized CICCAR, a consortium of lenders created to finance affordable housing development in the Southeast, to finance the project. As a member of CICCAR, South Carolina Community Loan Fund helped meet the funding need BCHF faced with a $150,000 loan.

IMPACT

Financing this project created 40 2-bedroom units in the greater Charleston area, a community particularly challenging for low income seniors to find affordable housing. The brand new units are rented to capacity and provide a safe and affordable place to call home for local seniors.