Additional Housing Programs
LISC Charlotte is expanding our efforts to promote housing to meet the needs of a growing city. We have joined forces with public- and private-sector organizations to launch several initiatives.
Charlotte and LISC Acquisition Rehabilitation Program
LISC Charlotte has joined the City of Charlotte to help manage its acquisition and rehabilitation program to make home prices more affordable to low- and middle-income families. We help to recruit agencies, organizations and contractors to buy single-family properties, refurbish them and finally market affordable housing units. Additionally, LISC Charlotte helped to set up a $300,000 fund to be invested in the rehabilitation of six single-family homes.
INLIVIAN Destination Homeownership Program
LISC Charlotte is joining the Charlotte housing authority, INLIVIAN, to roll out a $625,000 program launched by the online financial services company Ally Financial to help low- and middle-income first-time homebuyers attain financial self-sufficiency to strengthen their credit and savings on the pathway to owning their own home.
Fannie Mae’s Sustainable Communities Innovative Challenge
In May 2019, Fannie Mae awarded LISC and Atrium Health a Sustainable Communities Innovation Challenge Award to support collaborative efforts to improve health and housing in Charlotte, North Carolina. The award is facilitating LISC and Atrium Health’s development of a health overlay to the LISC Charlotte Housing Opportunity Investment Fund (CHOIF), which is producing mixed-income housing for families earning 30-120% of Area Median Income in communities of opportunity.
LISC and Atrium Health are working to design a fund-level financing mechanism to support services that address key social determinants of health (SDOH) for future CHOIF residents. This approach to financing promises to improve the health of people in Charlotte. It will also create a model that gives health-motivated investors assurance that CHOIF will yield a healthier populace, by offering not just affordable housing but also ready access to services that will help people achieve financial stability and broader wellness. In more traditional housing finance models, the availability of resident services to support social needs or determinants of health would be at the discretion of the property owner and manager –often a prohibitively costly proposition.
Learn more about Fannie Mae’s Sustainable Communities Innovative Challenge.