Community First Land Trust
Affordable Housing Loan
Community First Land Trust is a women-led nonprofit committed to bringing much-needed affordable housing to communities in Charleston.
The nonprofit’s mission is to develop and steward affordable housing and promote prosperity in Charleston. Community First Land Trust aims to prevent gentrification, permanently preserve housing affordability, and ensure community sustainability in seven communities.
This loan is the first time South Carolina Community Loan Fund has had the opportunity to partner with a land trust to finance affordable housing development. Land acquired by a community land trust (CLT) is never resold. It is retained by the CLT and held in trust for the community.
Their affordable housing loan with South Carolina Community Loan Fund will finance the construction of two homes in the Union Heights area of North Charleston. Each house will include three bedrooms and two baths.
This financing with South Carolina Community Loan Fund will allow the nonprofit to begin providing opportunities for low and moderate-income people to secure and preserve housing that is decent, affordable, and controlled by residents on a long-term basis.
“As a new nonprofit, we are just getting started and wanted to partner with an organization whose mission aligned with ours,” said Henrietta Woodward, the Executive Director of CFLT. “We believed South Carolina Community Loan Fund would be a great partner on this project because of the organization’s history of providing support to projects like these.”