Community Housing Capital (CHC) has provided Comite de Bien Estar (Comite) over $55 million in lending capital since 2009, including $27 million in Single-Family lending and $28 million for predevelopment, land acquisition, multi-family construction, and permanent lending. In its most recent project with Comite - the Valley View Apartments, CHC has been Comite's lending partner from the project's inception.
First, CHC sponsored Comite’s winning $500,000 application to the FHLB Atlanta’s AHP program and provided an $860,000 acquisition and predevelopment loan. In August 2021, CHC provided an additional $15 million construction loan and a $3.3 million permanent loan.
"Community Housing Capital has taken the time to understand what we're doing out here. They advised us, cleared a path when things got complicated, and trusted our vision. You can't ask for a better partner than that," said Gary Black, Comite's Deputy Director.
The challenging environment created by COVID-19 – particularly the significant increase in lumber costs – resulted in downsizing the Valley View project from 100 units to 86 units earlier this year. CHC worked with Comite’s development team and the other project funders to ensure the project moved forward despite difficult circumstances. The Valley View Apartments is CHC's 2nd construction loan to a 9% LIHTC project in 2021. The Valley View Apartments will set aside 40 apartments for families with children and will be affordable to households earning up to 50% of the area median income. Comite has also arranged for a tenant service coordinator to 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.