This 3-year credit facility will support CHC’s lending activities along the eastern seaboard areas served by TD Bank’s footprint.
Decatur, GA (PRWEB) February 23, 2015
Community Housing Capital (CHC), a community development financial institution (CDFI) and national community development lender, announced today a $5 million investment from TD Bank, America’s Most Convenient Bank®. This 3-year credit facility will support CHC’s lending activities along the eastern seaboard areas served by TD Bank’s footprint. TD Bank has an affinity for working with CDFIs and a long and successful history of matching their investments with the important work of the NeighborWorks® Network.
A leader in affordable housing lending, CHC provides both interim real estate development and permanent multifamily loans for the development and preservation of affordable housing in low- and moderate-income communities. CHC offers the flexible and experienced underwriting required for the complex transactions that create and preserve quality, affordable housing across the country.
“We hope to revolve this credit facility 3-4 times over the next 3 years to finance multifamily acquisition, construction and substantial rehabilitation,” said Debbie Campbell, VP/Capital Initiatives of Community Housing Capital. “We are also very grateful that their faith in our ability and belief in our mission allowed CHC to extend TD Bank’s reach into developments that create strong communities.
TD Bank is dedicated to enriching the lives of the people and communities in its footprint and their new relationship with CHC will help to increase their investments in affordable housing from Maine to Florida. “CHC is one of the most well-run CDFIs in the country,” said Dennis P. Lagueux, Senior Vice President, Community Development at TD Bank. “They have a very smart group of people working with a network of nonprofit developers who have an impressive track record of success. We know CHC is a leader in this space and can help TD Bank deliver much needed capital where it will impact lives and communities long-term.”
This year marks CHC’s 15th anniversary serving the nonprofit affordable housing developers of the NeighborWorks network. Since 2000, CHC has originated 332 loans totaling $380 million. This activity has facilitated over $1.5 billion in total development across 39 states and the District of Colombia.
CHC’s other investors include, Morgan Stanley, Deutsche Bank, Bank of America, PNC, Wells Fargo, the Calvert Foundation and NeighborWorks America. For more information, visit CHC’s website at http://www.CommunityHousingCapital.org or contact Debbie Campbell, VP/Capital Initiatives, at (404) 373-5662 Ext 109.
About Community Housing Capital
CHC is a national intermediary offering interim and permanent financing for the development and preservation of affordable housing. CHC is a CDFI, a member of the Federal Home Loan Bank Atlanta, is CARS Rated AA-2 and is a 501(c)(3). CHC’s resources serve as an economic catalyst in communities nationwide by financing strong, successful organizations focusing on the specific housing needs of their community. CHC's borrowers work tirelessly to improve their communities using a holistic approach. Their innovative spirit and community leadership promotes education achievement and job creation, better health outcomes and new investment in local communities. CHC’s ability to structure and finance these complex transactions has established CHC as the premier lender to the NeighborWorks network. Learn more at: http://www.CommunityHousingCapital.org.
About TD Bank, America's Most Convenient Bank®
TD Bank, America's Most Convenient Bank, is one of the 10 largest banks in the U.S., providing more than 8 million customers with a full range of retail, small business and commercial banking products and services at approximately 1,300 convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida. In addition, TD Bank and its subsidiaries offer customized private banking and wealth management services through TD Wealth®, and vehicle financing and dealer commercial services through TD Auto Finance. TD Bank is headquartered in Cherry Hill, N.J. To learn more, visit http://www.tdbank.com. Find TD Bank on Facebook at http://www.facebook.com/TDBank and on Twitter at http://www.twitter.com/TDBank_US.
TD Bank, America's Most Convenient Bank, is a member of TD Bank Group and a subsidiary of The Toronto-Dominion Bank of Toronto, Canada, a top 10 financial services company in North America. The Toronto-Dominion Bank trades on the New York and Toronto stock exchanges under the ticker symbol "TD". To learn more, visit http://www.td.com.