CHICAGO, Ill. – June 24, 2021 – Chicago Community Capital (C3) Fund, a certified Community Development Financial Institution (CDFI), today announced its goal to build capacity of Naturally Occurring Affordable Housing (NOAH) throughout the Chicagoland area and beyond leveraging $5 million in debt capital from Woodforest National Bank®. NOAH properties make up about 63 percent of affordable housing stock in the U.S., surpassing the amount of income-restricted subsidized affordable housing.
C3 Fund is a minority-led CDFI focused on financing properties in low- and moderate-income (LMI) neighborhoods. C3 Fund seeks to meet the challenges that small developers face operating in LMI communities by providing capital and technical assistance to grow and scale their business.
“Woodforest is working closely with C3 Fund which provides critical support to developers who are focused on ensuring NOAH properties are retained in at-risk communities that need them the most,” said Doug Schaeffer, Executive Vice President and CRA Executive Director of Woodforest National Bank. “There has been a lack of access to affordable working capital for NOAH real estate developers and we are energized by C3 Fund’s focus to help fill this need.”
“C3 Fund is very excited to partner with Woodforest National Bank to provide capital to local NOAH-focused real estate investors. The capital results in multiple high impact outcomes including, wealth creation for community-grown entrepreneurs, quality affordable housing, and stabilization of communities that were historically disinvested,” said Tiffany Taylor, Program Director of C3 Fund. Real estate investors interested in determining if they qualify for C3 Fund financing should visit the C3 Fund website.