LISC Launches Second Charlotte Affordable Housing Fund
CHOIF II welcomes investments from Ally, Duke Energy and Fifth Third Bank, First Citizens Bank.
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THE CHALLENGE
Despite tremendous urban growth, Charlotte ranked 50th in terms of economic mobility in an analysis of America’s 50th largest cities. This means that it is harder for a child born into poverty in Charlotte to get out of poverty than a child born into poverty in any other large city in the United States.
Many Charlotte residents severely housing cost-burdened and struggle to find affordable housing in areas of opportunity, a major contributor to economic mobility. More than 1 in 7 Charlotte residents live below the poverty line. Those numbers increase to 1 in 5 children living in poverty, of that 35.7% are Hispanic children and 30.7% black children compared to 4.7% of white children.
THE OPPORTUNITY
LISC manages the Charlotte Housing Opportunity Investment Fund (CHOIF) which aimed to address the city’s affordable housing crisis and leverage the City of Charlotte Housing Trust Fund (Charlotte HTF) to deepen the impact. The fund aims to reach low to moderate-income individuals in diverse communities in Mecklenburg County.
LISC manages and deploys CHOIF dollars through its tailored investment products geared to maximize Charlotte HTF’s dollars alongside low cost debt, housing vouchers, and private capital. CHOIF’s products are unique in that they meet all of the diverse investor’s impact requirements, fills the gap in affordable housing, and can be scaled in Charlotte and cities across the U.S.
CHOIF IMPACT
IN THE NEWS
CHOIF INVESTMENTS
OUR PARTNERS
CHOIF’s second mortgage was essential to the financing of Evoke Living at Westerly Hills and the team at LISC was great to work with throughout the process. We look forward to working with CHOIF and LISC on future projects to provide much needed high quality mixed-income housing in Charlotte.
— Paul Baalman, CSE Communities
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