Affordable housing fund passes part of goal
HIGH POINT — The David R. Hayworth Foundation will commit $1 million to a new affordable housing initiative being organized by a local nonprofit, putting the initiative over part of its fundraising goal.
The goal of the High Point Community Foundation's Housing Impact Fund is to raise $10 million from public and private sources and $30 million from banks and other lenders, and the Hayworth donation pushes it to $10.5 million from public and private sources, the foundation said.
Since longtime High Point philanthropist David Hayworth died July 1, 2022, his private foundation has been investing in projects that he would have supported, and it is the High Point Community Foundation's goal to keep his name and spirit alive in the community he so loved, community foundation President Paul Lessard said.
'David loved High Point and always looked for ways to make our community stronger. I know he would be pleased that this money will go to provide high-quality housing for children and families,' Lessard said.
The concept is for the fund to be used to provide loans for developers to build multifamily 'workforce housing' rental units in High Point for teachers, firefighters, police officers and others who earn less than the area median income. The loans would carry low interest rates and 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.
High Point University announced a $500,000 gift to the fund in February, and the City Council committed $2 million last month. The Hayworth Foundation's commitment brings the total raised to about $8.5 million.
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