Lowcountry Housing Trust loan fund keeps reeling in donations
The Lowcountry Housing Trust has received a steady stream of big donations from financial institutions this year, all geared at the nonprofit’s efforts to promote affordable places to live in the region.
The group marked a milestone days ago when Bank of America contributed $1 million toward the group’s Revolving Loan Fund, the largest single private donation in its nearly decade-long history.
That followed other large donations from the likes of PNC Bank and Mount Pleasant-based Tidelands Bank, which contribued $500,000 and $100,000, respectively.
Karen Hauck, a spokeswoman for the trust, said this has been a banner year for the revoloving loan program.
The fund provides low-interest loans that generally range from $10,000 to $500,000. That’s fueled rehabbing homes throughout the region and some larger projects like Spring Creek at Horizon Village in North Charleston. The organization recently unveiled its year-end report for 12 months ended June 30. During that time, the trust awarded $3.6 million in financing, which was used to help create 296 housing opportunities, Hauck said.
The efforts ultimately served 740 families and created 335 jobs, she added.
Since 2004, the trust estimated it has provided $18.7 million in financing to nonprofits, for-profit developers and government entities that in turn have helped build housing projects totaling more than $154 million.
There’s more on the horizon since the local trust is putting together a master plan to address the need for more affordable homes in the region.
Reach Tyrone Richardson at 843-937-5550 and follow him on Twitter @tyrichardsonPC.