A continuing challenge for Better Housing Coalition (BHC), an experienced nonprofit, affordable housing developer in Richmond, Virginia, is the competition from market-rate developers with all-cash offers. BHC watches for properties that might otherwise be demolished or performing properties that BHC could manage to benefit vulnerable Virginians. Community Housing Capital's (CHC) renewal of a $5 million line of credit (LOC) will help BHC successfully bid for affordable multifamily properties as they hit the market. The flexible capital will also help BHC negotiate with owners before listing their properties (for quicker turnaround and lower pricing).
BHC is the Richmond region's largest nonprofit community development corporation with more than 1,500 affordable apartments, a current portfolio of 15 multifamily rental communities, and 250 single-family homes serving more than 2,700 individuals and families. With an aggressive goal to increase its portfolio by 300% in the next 5-10 years, BHC is committed to positively impacting the affordable housing crisis in Virginia. Community Housing Capital is committed to providing the capital needed to make that transformative change happen.