The Lowcountry Housing Trust is a Charleston-based nonprofit founded in 2003 that was created to be a source of funding for affordable housing construction in the Charleston area.
After a while, the organization decided to expand and serve the entire coastal region of South Carolina. Now the group says there is a statewide need to do more than help provide affordable housing.
So the Lowcountry Housing Trust is changing its name to the South Carolina Community Loan Fund, along with its mission statement.
Community Loan Fund Director Karen Hauk said expanding the organization to all 46 counties in the state will not only help provide affordable housing, but also let the Fund do more.
“We are now lending in four areas … affordable housing, community facilities, community businesses as well as healthy food retail,” Hauk said Monday. She added that viable communities need more than just housing in order to thrive.
Expansion will mean more work in more communities in the state, but Hauk said the revamped South Carolina Community Loan Fund is up for the challenge. She says resources available for economic development are minimal. “We offer a flexible financing option for developers and business owners that otherwise may not be able to secure financing to make their projects a reality,” Hauk said.
Hauk said the organization gets its funding from loans, grants, federal money and investors. And Hauk said the organization has already financed some projects in Greenville, Spartanburg, Columbia, and Rock Hill even before the official name change.
Hauk said the organization has already tasted expansion and is ready for the bigger challenge.
Sheree Bernardi of Charleston affiliate WTMA filed this report.