GROWTH by NCRC AND BENEDICT-ALLEN COMMUNITY DEVELOPMENT CORPORATION ANNOUNCE THE COMPLETION OF EIGHT NEW AFFORDABLE HOMES NORTH OF THE BENEDICT COLLEGE CAMPUS IN DOWNTOWN COLUMBIA, SC.
COLUMBIA, SC (January 20,2021)–Driven by a partnership that includes Benedict-Allen Community Development Corporation, the City of Columbia, SC, Benedict College, NCRC Housing Rehab Fund (“GROWTH”) and Mungo Homes, this new development is situated on previously vacant land, creating new “infill” housing in the neighborhood around Benedict College’s campus. The partners started with the construction of eight single-family homes on Read Street, selling starting in the 130,000’s and serving buyers making 80% or less of the area’s median income.
“The National Community Reinvestment Coalition’s commitment to expanding affordable and equitable homeownership in targeted metropolitan areas of Columbia is fully evident in the construction of these eight new single-family homes,” said Mayor Steve Benjamin. “This project furthers the City of Columbia’s vision to provide more affordable housing and create vibrant communities for families. We appreciate the collaboration between GROWTH by NCRC and the Benedict-Allen CDC that spurs the growth and revitalization of this proud neighborhood through new home construction. We look forward to bringing City of Columbia resources and support to more projects like this.”
“This development is a great example of our national mission to create and preserve beautiful and affordable homes benefitting working-class communities and individuals, particularly those that promote improvement for, and build wealth in, communities of color,” said Ed Gorman, Managing Director of NCRC Housing Rehab Fund. “We are pleased, too, to have worked with a great, local team that built and marketed these homes.”
A New York financial firm provided the private capital to build the housing through GROWTH by NCRC, and local builder, Mungo Homes, acted as the general contractor overseeing construction of the subdivision.
The City of Columbia, SC, and GROWTH by NCRC entered into a Memorandum of Understanding to develop affordable single-family homes in Columbia, SC. The city recommended and introduced GROWTH by NCRC to local affordable housing developers to explore partnering to build single-family homes in the city.
The project completed in November 2020, with all eight of the homes sold in December 2020.
For more information about NCRC Housing Rehab Fund, please contact Ed Gorman, egorman@ncrc.org, (202) 464-2728 or visit www.growthbyncrc.org.
The project completed in November 2020, with all eight of the homes sold in December 2020.
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About GROWTH by NCRC: (www.growthbyncrc.com)
We believe that no matter where you start in life, or the neighborhood you live in, every family deserves the opportunity to own a home, to start building wealth and to enjoy the American Dream. Our mission is to make homeownership possible for more people.
GROWTH is an initiative of the National Community Reinvestment Coalition (NCRC) and is fueled by the NCRC Housing Rehab Fund (the “Fund”), a private equity real estate fund focused on rehabbing (and building new construction) single-family houses to provide affordable homeownership opportunities in low- and moderate-income communities or for low- and moderate-income people. The Fund has been operating for five years and is operating in over 15 cities.
For more information about NCRC Housing Rehab Fund, please contact Ed Gorman, egorman@ncrc.org, (202) 464-2728 or visit www.growthbyncrc.org.
About Benedict Allen Community Development Corporation
About the City of Columbia
About Mungo Homes