Grand Strand Housing & CDC
Grand Strand Housing and Community Development Corporation, a nonprofit organization located in Myrtle Beach, has assisted hundreds of families in a variety of affordable housing projects around the state. They have partnered with for-profit developers on a dozen multi-family housing projects in Horry and Florence counties. In addition, the agency administers the housing rehabilitation programs for the cities of Myrtle Beach and Conway. Recently, though, the federal government began requiring that agencies pay contractors at the completion of their work before submitting proof of payment for reimbursement. Turnaround time for that reimbursement is generally 10 days to two weeks and Grand Strand Housing lacks the surplus funds to pay contractors without reimbursement funds in hand.
South Carolina Community Loan Fund provided Grand Strand Housing with a $50,000 line of credit in order to help cover these upfront costs. “The working capital line of credit will allow our longtime partner to continue providing much-needed affordable housing to residents of the Waccamaw region,” explained Patrick King, SCCLF’s Chief Lending Officer.
The first program for which the line of credit will be utilized is a home rental program in Georgetown and Williamsburg counties.
“We’ve enjoyed an ongoing partnership with the South Carolina Community Loan Fund,” said Pat Phillips, Executive Director of Grand Strand Housing and Community Development Corporation. “They share our mission of increasing the supply of affordable housing and they understand how organizations like ours work.”