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In the midst of a pandemic, when the words “we’re all in this together” and “during these challenging times” are often thrown around like word candy on the nightly news, we are reminded of how words like “network” and “partnership” can be taken for granted. After 20 years of lending to members of the NeighborWorks® network, Community Housing Capital (CHC) knows first-hand the proven value of partnerships. CHC built its foundation on the support of people and organizations whose investments give us the flexibility to keep capital flowing to affordable housing, especially in challenging times.

“The first time CHC saved us was in 2008 when we were nearly brought to our knees by the economic crisis,” said Cathy Williams, President, and CEO of NeighborWorks Columbus (NWColumbus), a nonprofit affordable housing developer in Columbus, Georgia. “We had a $1.2 million line of credit called by our local banks as major financial institutions grappled with a frozen-credit environment. At the time, we had 14 houses in some phase of construction. There was no capital. All the banks pulled back. No mortgages were being extended. Nothing. But, in just one week, CHC refinanced the entire debt. Then, they patiently worked with us for almost seven years until we sold every home and repaid the loan. I will always remember how amazed my board was when CHC came to our rescue.”

“The second time CHC came to our rescue was very recently when COVID-19 turned everyone’s world upside down,” said Williams. “We had worked for over a year with a local bank to be our sponsor for an Affordable Housing Program (AHP) award from the Federal Home Loan Bank of Atlanta. At 11:00 am, on the day of the application deadline, the uncertainty surrounding the pandemic induced our local bank to pull back from deploying new capital. We were suddenly dead in the water,” she said.

“We immediately called Cindy Holler, president, and CEO of CHC. By 3:00 pm, we had our AHP application in front of CHC’s SVP and Chief Loan Officer, Dana Chestnut. By 6:00 pm, I received an email that said they had underwritten it and were comfortable to move forward. Our application was submitted just in time. Now, that doesn’t mean we’re going to receive the award. Still, I will always be grateful for the integrity and professionalism behind every person that I’ve ever known to work at Community Housing Capital. You can take that to the bank.”

The Federal Home Loan Bank of Atlanta conducted a study in 2018 that focused on the affordability gap in rental housing. Columbus, GA, was a city studied, and the data showed an affordability gap of over 14,000 homes. “This told us that our families are doing one of two things. They are either paying way too much of their income for housing or they are living in slum housing,” said Williams.

One example was an at-risk senior, Joceil Smith, discovered at 82 years old living in deplorable conditions, with huge holes in the side of her house. On the day she was rescued, her living room was 46 degrees and she was wearing every piece of clothing she owned.