Affordable Housing & Community Loans

Building a Better Community for All

CommunityWorks provides affordable housing and community loans up to $750,000 to support affordable housing development, community facilities, and commercial revitalization to strengthen low-wealth communities.

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 Commercial Facilities Community Loans Spartanburg Housing Fund

Affordable Housing Loan

Provides loans of up to $750,000 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.

Can be used:

To pay due diligence expenses, deposits, and other early phase costs (up to $300,000)
To pay purchase price and closing costs for property acquisition (up to $750,000)
To bridge the timing between project or programs costs and receipt of cash from committed sources (up to $750,000)
To pay hard and soft construction costs for new or renovation projects (up to $750,000)
To provide longer-term loans for projects requiring stabilization or interim financing (up to $750,000)
To provide capital for the rehabilitation of existing rental units to meet HUD standards for Section 8 Vouchers (up to $50,000)
To provide capital to tax credit developments that need local community financing (up to $750,000)

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Commercial Facilities

Provides loans up to $750,000 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:

To pay due diligence expenses, deposits, and other early phase costs (up to $300,000)
To pay purchase price and closing costs for property acquisition (up to $500,000)
To pay hard and soft construction costs for new or renovation projects (up to $750,000)
To provide longer-term loans for projects requiring stabilization or interim financing (up to $750,000)

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Community Loans

To support nonprofit and community-based organizations 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