“We are very excited to be working with CHC and its management team” said Abraham Cox, Atlanta Market President and Senior Vice President of BB&T.” “CHC’s long and successful track record in affordable housing and community development is impressive."
(PRWEB) October 26, 2014
A leader in affordable housing lending, CHC delivers flexible capital that is typically the missing piece in making the development and preservation of affordable housing a reality in the low- and moderate-income communities served by NeighborWorks organizations. CHC provides both interim real estate development and permanent multifamily loans that are underwritten with the experience and flexibility required to finance complex transactions.
Since 2000, CHC has originated 332 loans totaling $380 million. This activity has facilitated over $1.5 billion in total development.
“We are very excited to be working with CHC and its management team” said Abraham Cox, Atlanta Market President and Senior Vice President of BB&T. “CHC’s long and successful track record in affordable housing and community development is impressive. This new investment and relationship is aligned with our corporate mission of making the world a better place by supporting the communities in which we do business.”
CHC’s other investors include, Morgan Stanley, Deutsche Bank, Bank of America, PNC, Wells Fargo, the Calvert Foundation and NeighborWorks America. “Our new relationship with BB&T will help us to expand the availability of quality affordable housing within BB&T’s footprint,” said Jack Gilbert, President and CEO of CHC. “Investors like BB&T understand that investing in the work CHC does to create affordable housing contributes to strong, healthy communities.”
For more information, visit CHC’s website at http://www.CommunityHousingCapital.org or contact Debbie Campbell, VP/Capital Initiatives at (443) 783-1308.
About Community Housing Capital
CHC is a national intermediary offering interim and permanent financing for the development and preservation of affordable housing. CHC is a CDFI, a member of the Federal Home Loan Bank Atlanta, is CARS Rated AA-2 and is a 501(c)(3). CHC’s resources serve as an economic catalyst in communities nationwide by financing strong, successful organizations focusing on the specific housing needs of their community. CHC's borrowers work tirelessly to improve their communities using a holistic approach. Their innovative spirit and community leadership promotes education achievement and job creation, better health outcomes and new investment in local communities. CHC’s ability to structure and finance these complex transactions has established CHC as the premier lender to the NeighborWorks network. Learn more at: http://www.CommunityHousingCapital.org.
BB&T is one of the largest financial services holding companies in the U.S. with $187 billion in assets and market capitalization of $26.8 billion, as of Sept. 30, 2014. Based in Winston-Salem, N.C., the company operates 1,844 financial centers in 12 states and Washington, D.C., and offers a full range of consumer and commercial banking, securities brokerage, asset management, mortgage and insurance products and services. A Fortune 500 company, BB&T is consistently recognized for outstanding client satisfaction by J.D. Power and Associates, the U.S. Small Business Administration, Greenwich Associates and others. More information about BB&T and its full line of products and services is available at http://www.bbt.com/.