Affordable housing is necessary to any community seeking to grow and thrive, and BB&T is helping make affordable housing more accessible in Mecklenburg County, North Carolina, thanks to a $15 million commitment to Foundation For The Carolinas.
The donation will support the efforts of the Charlotte Housing Opportunity Investment Fund, which aims to lessen the growing affordability gap and develop housing that serves residents in a range of incomes – including moderate-, low- and extremely low-earning households.
BB&T’s commitment includes a $1 million grant, $4 million in Fund Debt and/or Fund Equity, and $10 million in below market loans.
"Affordable housing is a critical component for any community, which helps them grow and thrive," said BB&T Chairman and Chief Executive Officer Kelly S. King. "As part of our mission, to help make the communities where we work better places to live, we're delighted to make this contribution to Foundation For The Carolinas and support their affordable housing efforts throughout the Charlotte metro area."
Currently, Mecklenburg County faces a deficit of more than 30,000 affordable-housing units. Foundation For The Carolinas is leading a campaign to raise $50 million from the private sector for the Charlotte Housing Opportunity Investment Fund – matching the $50 million bond referendum voters approved last November to increase the city of Charlotte's Housing Trust Fund.
This isn’t the first time BB&T has supported affordable housing efforts in Mecklenburg County. BB&T has invested approximately $53 million in the Charlotte/Mecklenburg area over the last three years for affordable multi-family units including seniors. These projects include Bingham Park, Movement on Freedom, Mill Tree, Magnolia Gardens, Grier Heights Seniors and Arrowwood Villas.