Pacolet Milliken, LLC, a privately-owned investment company headquartered in Greenville, SC, has committed to co-invest up to $1 million annually alongside CommunityWorks in support of affordable housing initiatives in the Upstate of South Carolina.
The goal of the partnership is to combine the capabilities and resources of Pacolet Milliken and CommunityWorks to positively impact underserved communities and populations in the Upstate through the creation and preservation of affordable housing. Pacolet Milliken’s commitment will expand the investment and financial capacity of CommunityWorks, which has been a leader in supporting affordable housing initiatives across South Carolina since the organization’s inception in 2008.
The first co-investment between Pacolet and CommunityWorks, Norris Ridge Apartments in Spartanburg, closed this past March. The formerly blighted low-income community will soon be replaced with 130 affordable units, allowing current residents to enjoy better living conditions.
“CommunityWorks is thrilled that Pacolet Milliken has taken the lead on co-investing in affordable housing projects with our organization.” said Tammie Hoy Hawkins, CEO of CommunityWorks. “As a Community Development Financial Institution, we are always looking for strategic partners to invest in development projects that target underserved individuals and areas. We hope that other values-oriented organizations will see this partnership with Pacolet Milliken as an effective model to meaningfully impact our communities.”
Brent Abbott, SVP and Director of Real Estate Acquisitions at Pacolet Milliken, is a board member of CommunityWorks and is spearheading the co-investment program for Pacolet. Mr. Abbott said, “The team at Pacolet Milliken is excited and proud to support the outstanding efforts of CommunityWorks in affordable housing. Tammie Hoy Hawkins and her team are deeply committed to shrinking the deficit of housing options available to lower income individuals and families in South Carolina. We share these values and look forward to growing our partnership.”
“As the Upstate continues to grow, affordable housing becomes a more compelling issue. Pacolet wants to have a direct impact, and CommunityWorks is an exceptional partner in that effort.” said William Crawford, Pacolet Milliken’s CEO.