Latest news with #Self-HelpVenturesFund
Yahoo
04-04-2025
- Business
- Yahoo
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.
Yahoo
24-03-2025
- Business
- Yahoo
City commits $2M to housing fund
HIGH POINT — The city of High Point will commit $2 million to a new affordable housing initiative being organized by a local nonprofit. 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.
