Affordable Housing & Community Loans

Building a Better Community for All

Our Affordable Home Loans and Community Loans Help Support Low-Income Communities Across South Carolina

CommunityWorks offers economical home loans that make attaining affordable housing possible. Our community loan services help support affordable housing development, community facilities, commercial revitalization to strengthen low-income communities. These home and community loans can go up to $1M in an effort to restore and support low-income areas of South Carolina.

Due to the lack of affordable financing for community developers, there is a deficit of affordable housing options for low-wealth families. CommunityWorks provides community developers and nonprofits access to equitable financing that would otherwise be unavailable for low-wealth community-building projects.

Our Affordable Housing and Community Loan Options

Affordable Housing Loan

Provides loans of up to $1M to qualifying applicants. The goal of the Affordable Housing Loan is to increase affordable housing opportunities for low and moderate-income families, including rental, homeownership, and mixed-income and mixed-use projects.

The Right Home Loan Can Be Used:

PREDEVELOPMENT: To pay due diligence expenses, deposits, and other early phase costs (up to $500,000)
ACQUISITION: To pay purchase price and closing costs for property acquisition (up to $1M)
BRIDGE: To bridge the timing between project or programs costs and receipt of cash from committed sources (up to $1M)
CONSTRUCTION: To pay hard and soft construction costs for new or renovation projects (up to $1M)
MINI-PERM: To provide longer-term loans for projects requiring stabilization or interim financing (up to $1M)
LANDLORD ASSISTANCE: To provide capital for the rehabilitation of existing rental units to meet HUD standards for Section 8 Vouchers (up to $100,000)
LOW INCOME HOUSING TAX CREDIT (LIHTC) FINANCING: To provide capital to tax credit developments that need local community financing (up to $1M)

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Commercial Facilities

Provides loans up to $1M to qualifying applicants. The goal of the commercial facilities loan is to increase economic opportunities and job creation in underserved and underrepresented populations and communities.

Can be used:

PREDEVELOPMENT: To pay due diligence expenses, deposits, and other early phase costs (up to $500,000)
ACQUISITION: To pay purchase price and closing costs for property acquisition (up to $500,000)
CONSTRUCTION: To pay hard and soft construction costs for new or renovation projects (up to $1M)
MINI-PERM: To provide longer-term loans for projects requiring stabilization or interim financing (up to $1M)

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Community Loans

CommunityWorks offers community loans in an effort to support nonprofit and community-based organizations to increase their financial capabilities to deliver their programs and projects in an effective and timely manner. Up to $250,000

Can be used:

As working capital for a non-profit organization who needs flexible capital to meet organizational cash flow or pay project-based expenses.

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Spartanburg Housing Fund

Spartanburg Housing Fund is a partnership between the City of Spartanburg and CommunityWorks where funds are used exclusively to fill gaps in development projects that build, preserve, or improve affordable housing units in the city. The fund will make affordable housing developments more financially feasible.

For developers interested in this fund, please contact Tammie Hoy Hawkins for initial requests at tammie@cwcarolina.org.

For More Information or Assistance

Contact CommunityWorks Loan Officers by email or call (864) 235-6331.

EMAIL LOANINFO@CWCAROLINA.ORG Call (864) 235-6331