CommunityWorks, a South Carolina statewide nonprofit lending institution, received $525,000 through the U.S. Treasury Dept.’s CDFI Fund to support statewide affordable housing financing. CommunityWorks was honored to be the only loan fund in SC to receive this competitive award. In total, 422 organizations throughout the United States received $188.5 million in awards.
The CDFI Fund award will allow CommunityWorks to offer innovative financing for affordable housing projects throughout South Carolina. In 2021, CommunityWorks financed over two million dollars in affordable housing projects. This award will help the organization expand affordable housing financing efforts in 2022 and offer new products to nonprofit and for-profit developers.
“The CDFI Fund award will allow us to fill in financing gaps that are often arise in affordable housing projects,” said CEO Tammie Hoy Hawkins. “This award will make it possible for CommunityWorks to use flexible financing to continue addressing the lack of affordable housing with a focus on housing preservation in South Carolina.”