Impact

The Midlands Housing Trust Fund (MHTF) loans money to build affordable housing in underserved communities. These loans provide quality housing for working families, senior citizens, and disabled adults within their financial means. Midlands Housing Trust Fund lending activity also contributes $4.8 million annually to the overall regional economy by improving neighborhoods, stimulating purchasing, creating jobs, and providing a net gain in state tax revenue. As a nonprofit, community-based organization, the Midlands Housing Trust Fund offers special incentives to investors and donors. Contributions to the MHTF are eligible for a 33% South Carolina Community Economic Development tax credit against any SC state tax liability. Banks receive Community Reinvestment Act (CRA) credit for their support of the MHTF. Since 2011, the MHTF has provided $642,023 in funding that leveraged more than $23 million in financing from other public and private sources to create 198 units of affordable housing for households at or below 80% of area median income (approximately $50,000 for a family of four). See how the Trust is making an impact in our community:

• $642,023 in total financing

• Leveraged $25,864,850 in funding from other public and private sources

• Leverage ratio approximately 1:40

• Created 198 new units of affordable housing (as of August 2015)

• Total annual economic impact: $4.8 million  

• 33 jobs and $1.4 million in labor income for Midlands residents annually

• Annual move-in effects of approximately $61,964  

• Annual state tax revenue from the ongoing operations of the MHTF is $101,704.

 

Projected Future Economic Impact Estimates (5-year)4

 Direct  $23,432,001 127 jobs  $7,058,209
 Indirect  $12,585,787  116 jobs  $3,874,403
 Induced  $ 7,609,607  60 jobs  $2,237,603
 TOTAL  $43,627,395  303 jobs  $13,170,215

 

1 Includes the dollar value of all final goods and services produced in the Midlands region that can be attributed (directly or indirectly) to all new construction and rehabilitation projects funded through the MHTF.
2 A value that will increase to $523,544 over the next five years from new initiatives currently in the planning phases.
3 The construction and rehabilitation projects currently in the planning phases have the potential to generate nearly $1 million in additional revenue for the state of South Carolina over the next five years.
4 The $23 million in expected direct expenditures for new construction and rehabilitation of existing housing developments will support approximately 127 jobs and $7.1 million in labor income for Midlands area residents. Furthermore, the indirect and induced effects lead to another $20.1 million in economic output, which is associated with 176 jobs and $6.1 million in labor income. In sum, the current expected financing for new construction and rehabilitation projects over the next five years that the MHTF has helped to acquire will generate a total of nearly $44 million in economic output along with 303 jobs and$13.2 million in labor income for Midlands residents.