Supportive Housing Solutions Fund Makes Initial Investment in Homes for Heroes
Today, CSH announced the launch of the Supportive Housing Solutions Fund, the first ever national loan fund dedicated solely to supportive housing, with an investment in Homes for Heroes. Located in Gary, Indiana, Homes for Heroes is symbolic of the fund’s overall goals, to reach underserved housing markets and infuse capital into supportive housing to meet the needs of the communities’ most vulnerable.
Broadway Area CDC will receive a $414,000 predevelopment loan for Homes for Heroes to convert an abandoned building and vacant lot into a beautiful new 44-unit residence for veterans at risk of homelessness.
“This is a much needed project in our area and we would not be able to move forward without this lending opportunity,” said Vernita Leslie, Executive Director, Broadway Area CDC. “We are thrilled to be the first borrower of the Supportive Housing Solutions Fund and are very appreciative of CSH. The staff has been excellent to work with, and has helped us with this process so that closing a loan was not intimidating.”
The $45 million Solutions Fund is built on more than 20 years of CSH’s lending experience and involvement in local funds that have worked to bring public, private and philanthropic investors together.
The Solutions Fund started with an initial investment from the 2012 Wells Fargo NEXT Awards for Opportunity Finance. CSH then engaged its longtime partners and philanthropic leaders the Conrad N. Hilton Foundation and Robert Wood Johnson Foundation, as well as premier private sector investors - Bank of America, Deutsche Bank, HSBC Bank, and Morgan Stanley.