Success Stories: Highlighting Completed Projects Funded by MHTF

Midlands Housing Trust Fund (MHTF) has been a cornerstone of community transformation in South Carolina, particularly through our critical role in funding affordable housing developments. For developers and contractors, partnering with MHTF not only means accessing necessary funding but also contributing to significant social impact. Uncover the positive impacts of MHTF-financed projects and understand why a partnership with MHTF is a strategic advantage.

Transforming Communities Through Affordable Housing

In South Carolina, the demand for affordable housing far exceeds supply. MHTF addresses this gap by providing tailored loan products that enable developers to purchase, build, or renovate properties aimed at low to moderate-income families. These projects are not just about providing shelter but enhancing community welfare and promoting economic stability.

A Developer’s Journey to Making a Difference

Chris Bunge is a Columbia-based residential broker and re-developer who has completed a number of loans with MHTF. Chris is passionate and committed to the affordable housing space, and MHTF and CDFIs are excellent resources for small business real estate firms such as his. Here’s what he had to say about working with MHTF:

“My business partner and I learned about the existence of and the mission of the Midlands Housing Trust Fund about eight years ago. We realized then that with support and some guidance from MHTF, we could make a genuine contribution to the stock of these sorts of homes and apartments in the Columbia area.

Over the last five years or so I believe we have bought (for investors or our own company) several dozen doors that were renovated and rented applying MHTF’s income limits. When the Trust Fund loans money for any of these projects, the income limits are enforced by the covenants that all owners and future buyers are obligated to follow for a total of 20 years.

It is difficult to both do well in the real estate business and simultaneously do good, but with Midlands’ involvement and commitment, we feel we have managed to do that and hope to continue. One of the things most important and surprising about our involvement with the Fund is how it has raised our awareness of the affordable housing crisis as it applies to people we interact with every day. It has made us all better at our jobs and, I’d like to think, better people. The Trust Fund’s influence is the hardest for outsiders to recognize but one of the most important benefits we’ve gained.“

Impact on the Local Economy

The ripple effects of such projects are immense. Studies show that affordable housing boosts the local economy by increasing consumer spending, reducing poverty, and creating jobs. By investing in affordable housing, developers are not only generating direct financial returns but also contributing to the economic development of the region.

MHTF’s Strategic Approach

MHTF’s loan program terms are designed to be developer-friendly, offering terms that encourage long-term sustainability and compliance with affordable housing standards. This approach has proven successful, as evidenced by the numerous projects that have not only met but exceeded expectations in providing high-quality, affordable accommodations.

For developers considering entering the affordable housing market, MHTF offers a comprehensive step-by-step guide to applying for loans. The support from MHTF continues beyond financial assistance — we also provide expertise and guidance to ensure that projects comply with all regulatory requirements and achieve the intended social impacts.

Future Outlook

The need for affordable housing is expected to grow, making it imperative for more developers to get involved. MHTF is keen on expanding our partnerships and funding more projects that address this critical need. The success stories of developers who have utilized MHTF’s services highlight the potential for significant returns on investment and community impact.

Investing in affordable housing with MHTF not only helps tackle the housing crisis but also offers substantial benefits to developers and contractors. By partnering with MHTF, you are not just building homes but are part of a larger movement toward economic stability and community betterment in South Carolina. 

Interested in learning more about the benefits of investing in affordable housing? Midlands Housing Trust Fund can help! MHTF is dedicated to improving South Carolina communities by expanding access to quality affordable housing. We provide a variety of loan products to housing developers and contractors for the purpose of creating, rehabilitating, and maintaining affordable housing for households earning less than 80% of the Area Median Income. 

Thanks to flexible lending limits and competitive loan rates, MHTF’s business model presents an attractive alternative to conventional retail banking for housing developers. Since 2012, we are proud to have provided more than $3 million in affordable housing financing, thereby creating or preserving 512 housing units and improving the lives of over 1,200 individuals. 

Contact us today for more information about how MHTF can serve your community, or consider investing in our work.