CommunityWorks, a statewide nonprofit lending institution, received $525,000 through the U.S. Treasury Dept.’s Community Development Institutions (CDFI) Fund to support statewide affordable housing financing.
The financial institution was among 422 organizations throughout the United States that received $188.5 million in awards.
“The CDFI Fund award will allow us to fill in financing gaps that often arise in affordable housing projects,” said CommuityWorks 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.”
In 2021, CommunityWorks financed over $2 million in affordable housing projects and since its inception in 2008, the lending institution has generated over $291 million in local economic impact, serving 6,044 families through small and micro business loans, business and financial coaching, affordable housing and community loans, and down payment assistance.