LOAN OVERVIEW

Borrower: The Pointe Blythewood
Loan Amount: $150,000
Location: Columbia, SC
Project Type: Affordable Housing

SITUATION

Nearly one-third of South Carolinians are cost-burdened by their homes, meaning they spend over 30% of their income on housing. Affordable housing options for low-income renters are limited, particularly for individuals with very low incomes, or families seeking larger units, such as 3-bedroom apartments in high population density areas such as Columbia.

SOLUTION

South Carolina Community Loan Fund (SCCLF) is a member of Community Investment Corporation of the Carolinas (CICCAR), a consortium of lenders dedicated to supporting affordable housing developments. Developers seeking to create affordable housing in Columbia approached CICCAR for funding. As part of the CICCAR consortium, SCCLF saw an opportunity to help increase the affordable housing options in Richland County. The Pointe Blythewood developers utilized Low Income Housing Tax Credit allocations to finance most of the $8.6MM development and called upon CICCAR lenders to fund the remaining $1,337,558, of which SCCLF financed $150,000.

IMPACT

The Pointe Blythewood project created 56 affordable housing units priced to be affordable for low-income families living at 50-60% of the area median income. Additionally, 5 of the new units are handicap accessible, and now 56 Columbia area families will have a safe, affordable place to call home.

Read more recent loan closing announcements on our blog, or learn more about our affordable housing lending program here.