A National Community Development Financial Institution (CDFI)Flexible Loan Capital Customized to Create Affordable Housing

To aid in the development of the affordable housing that is so essential across the U.S., CHC sponsors several applications on behalf of its borrowers to receive an FHLBank Atlanta AHP award for up to $500,000 for the acquisition, construction, rehabilitation, and development of affordable rental and ownership housing. In November 2020, four CHC borrowers received a total of $1.9 million in awards through the AHP program. Besides sponsoring borrower applications to FHLBAtlanta, CHC also provides loans to each organization to facilitate development.

Click on any of the stories below to learn how these nonprofit developers have approached their community housing needs in different ways.


AHEAD, Inc. Receives $500,000 AHP award for Lloyd’s Hill Workforce Housing

Affordable Housing, Education and Development, Inc. (AHEAD) in Bethlehem, New Hampshire is currently under construction on a 28-unit, 9% LIHTC affordable multifamily apartment property that will target households earning up to 50% and 60% of the area median income (AMI). While Lloyd's Hill will offer family housing, the project is ideal for seniors due to its location within walking distance to a grocery store, convenience store, gas station, bank, fitness center, and several restaurants. The parcel is under construction with 4 one- to two-story apartment buildings and a community building on a 44-acre parcel of wooded land. The land includes a 32-acre conservation easement, ensuring a portion of the property remains undeveloped. The proposed townhouse-style apartment buildings will offer 28, two, and three bedroom apartments. Twenty-one of the apartments will be affordable to lower-income tenants, and seven will be market-rate apartments. According to Representative Ann McLane Kuster, "I am excited to see the progress Affordable Housing, Education and Development (AHEAD) is making to ensure all Granite Staters can afford a place to call home," said Rep. Kuster. "The COVID-19 pandemic has reinforced my belief that the federal government must do more to support projects, like this one in Bethlehem, that expand the housing stock here in New Hampshire. AHEAD's past projects, including the Friendship House, have strengthened the community in the North Country, and I have no doubt that the Lloyd's Hills project will build on that track record of success." In addition to AHEAD's housing development program, AHEAD's HomeOwnership Center provides 12 Homebuying Workshops each year that educate more than 120 families, 50 of whom move on to purchase their first homes. The HomeOwnership Center also provides four financial fitness workshops per year that educate more than 75 families on budgeting, savings, credit, and debt reduction. Read More

Low Income Housing Institute (LIHI), Seattle, Wa $400,000 AHP Award for the Sand Point Cottages

According to a King County study in January 2020, over 11,000 individuals are experiencing homelessness in Seattle/King County, Washington, and 21% are working. But with the high cost of housing in Seattle, people earning at or near minimum wage cannot afford market-rate housing. The Sand Point Cottages, developed by the Low Income Housing Institute (LIHI), will serve working individuals and families exiting homelessness and earning up to 40% of the area median income (AMI). The 22-cottage community will provide affordable housing, case management, and community involvement to support employed homeless individuals and couples to become more financially stable and self-sufficient. Community Housing Capital (CHC) sponsored LIHI's successful $400,000 AHP application to the FHLBank Atlanta. The AHP award provides a subsidy that eliminated the need for additional sponsor funds in the project. CHC also provided a $300,000 loan to cover upfront predevelopment costs. Several of the cottage shells (framing, windows, sheathing, and roofing) will be constructed off-site by Pre-Apprenticeship programs and students in Construction Trades Education programs throughout western Washington. Participating programs include the Tulalip TERO Vocational Training Center and Seattle Skills Center students from Rainier Beach High School. Buchanan General Contracting will complete several of the cottages on-site and complete site work, foundation, plumbing, electrical, and mechanical, - all while adhering to prevailing wage requirements. The cottages will be Building and Energy code compliant and meet the Evergreen Sustainability Development Standard (ESDS). Located on the edge of Seattle's second-largest public park and next door to the University of Washington student housing, the Sand Point Cottages are also convenient to the Windermere neighborhood's services and amenities along with good access to transit and the Burke Gilman Trail. The project will start construction in April 2021 and be completed in January 2022. LIHI has grown to be one of the most productive affordable housing developers in the Northwest. Their mission is to develop, own, and operate housing to benefit low-income, homeless, and formerly homeless people in Washington state. They advocate for fair housing policies at the local and national levels and administer a range of support service programs to help residents maintain stable housing and establish self-sufficiency. LIHI owns and/or manages over 2,000 housing units at 50 sites in six counties throughout the Puget Sound region, housing over 3,000 low-income people. LIHI emphasizes housing for extremely-low income and homeless populations in its work, as 80% of its housing is affordable at 30% AMI. Read More

Avesta Housing, Portland, ME $500,000 AHP Award for West End Phase II

According to the NLIHC, there are nearly 42,000 extremely low-income households in Maine, a state with the oldest population and the country's oldest housing stock. Avesta Housing, serving Portland, Maine, is already under construction for a 64-unit affordable apartment building, the West End Apartments I, with completion expected in early 2021. In 2019, Avesta was awarded $800,000 in low-income federal housing tax credits. In 2020, Avesta received a $500,000 AHP Award from the FHLBank Atlanta (sponsored by Community Housing Capital (CHC)) for West End II, a 52-unit property adjacent to its sister property, West End I. The West End Apartments I & II will add 90 subsidized and 26 market-rate apartments to a struggling affordable housing market in South Portland's West End neighborhood. Funding sources for West End II included a $750,000 equity bridge loan from CHC, an AHP loan and grant from the FLHBank Boston, subsidies from Maine Housing, a construction loan, and tax increment financing. This new urban village's location is part of an overall zoning change approved by the Portland City Council in 2017 to promote neighborhoods that encourage outdoor activities like walking, biking, and hiking. The new West End II construction project will consist of 52 mixed-income units, including 32 units restricted to households at or below 50% of the area median income (AMI), eight apartments restricted to households at or below 60% AMI, and 16 handicapped-accessible apartments. Twelve apartments will be market-rate. Located just minutes from major employment centers like downtown Portland, the Maine Mall, and the Portland Jetport, West End I & II will have easy access to public transportation and Interstate 295. The development also provides excellent proximity to many amenities, including grocery stores, playgrounds, the Portland Trail Network, pharmacies, and a variety of other retail options. Avesta Housing is a nonprofit affordable housing provider with 45+ years of experience in southern Maine and New Hampshire. Headquartered in Portland, Maine, Avesta currently has 98 properties, 2,700 apartments, and two assisted-living facilities in its portfolio. Read More

Comite de Bien Estar, San Luis, AZ $500,000 AHP Award for the Valley View Apartments

Comite de Bien Estar (Comite) brings a new 100-unit, 9% Low-Income Housing Tax Credit (LIHTC) affordable housing project to a mixed-use neighborhood in the southwestern corner of Yuma County. The Valley View Apartments will be built on seven acres, approximately 1.6 miles north of the US-Mexico international border and situated in the heart of downtown San Luis with schools and parks adjacent to the site. The energy-efficient complex will consist of 13 buildings housing two-, three- and four-bedroom apartments, plus an administrative office, storage area, laundry room, and a 3,000 SF multi-use center for residents. Community Housing Capital provided an $860,000 acquisition and predevelopment loan to Comite as part of the project's capital stack. CHC will also provide a $16.8 million construction loan and a $4 million permanent loan. Valley View is also only one of 13 LIHTC projects around the state to be approved by the Arizona Department of Housing for tax credits through the state agency's program for 2020. The Valley View Apartments will set aside 40 units for families with children and will be affordable to households earning up to 50% of the area median income. Tony Reyes, executive director of Comite, said he hopes construction can begin on the apartment complex in early 2021. Comite has arranged for a tenant service coordinator who will schedule educational services for the tenants, including a literacy program and tutoring held after-school, five days a week. A computer lab will be available to all residents, along with computer classes and Comite's housing counseling and rental assistance programs. Comite de Bien Estar is a multifaceted community development organization that strives to improve and serve the residents of San Luis, Arizona, and its surrounding areas. Comité works to empower residents to overcome the many barriers they face, including very-low wages, little access to conventional mortgage financing, and to overcome environmental limitations that impact their quality of life. Read More