An affordable housing nonprofit was awarded a $1 million grant from a national nonprofit group.
According to The Post and Courier, The South Carolina Community Loan Fund received the grant from the Communities Thrive Challenge. The challenge is a program from the Rockefeller Foundation and the Chan Zuckerberg Initiative.
The community loan fund was started to fund affordable housing in Charleston. Later, it expanded statewide with financing the development of business and community projects. The group also supports projects that improve access to food and promote economic growth in underserved areas.
The fund has provided over $49 million in loans leading to the completion of about $330 million in community development projects across the state since 2004.
Rockefeller Foundation chose the fund out of more than 1,800 candidates nationwide.