City commits $2M to housing fund
The City Council on Monday unanimously authorized the final step in the process of appropriating the donation for the High Point Community Foundation Housing Impact Fund.
The venture is seeking to raise $40 million to provide loans for the development of multifamily 'workforce housing' rental units in High Point for teachers, firefighters, police officers and others who earn less than the area median income.
The goal of the fund is to raise $10 million from public and private sources and $30 million from banks and other lenders.
The concept is for the fund to loan money at low interest rates and with terms that make affordable projects attractive for developers.
Its goal will be to generate 1,000 housing units over 20 years.
Self-Help Ventures Fund, a nonprofit lender based in Durham, will lend the money out.
In addition to the city's contribution, High Point University in February announced a $500,000 gift to the fund, which has brought in total commitments of about $7.5 million since January.
The $2 million through the city will comprise $1.6 million in federal American Rescue Plan Act funds granted to the city, with the remaining $393,418 to come from premium proceeds on the sale of 2019 housing bonds.
City voters that year authorized $6.5 million for affordable housing. According to the city, that amount was allocated to the High Point Housing Authority's redevelopment of the former Daniel Brooks Homes public housing complex site into a new housing community called Legacy Ridge.
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