The partnership aims to support the increased access to financing for smaller nonprofit and community development corporations developing and/or rehabilitating affordable housing that serve low and moderate income residents located in Greenville County. In many cases, smaller nonprofit developers do not have access to affordable financing to support acquisition, rehabilitation and/or development of smaller affordable housing projects.
“Partnering with CommunityWorks gives us the opportunity to support both minority business owners and increased opportunities for homeownership across South Carolina, ultimately delivering on our goal to improve the financial health of our communities,” said Jana Scroggins, Greenville County Commercial Lending Division Manager and SVP. “We are excited to work with this incredible organization to make a real impact on the availability of affordable housing.”
Using the loan from United Community Bank, CommunityWorks will create a line of credit designed to support affordable housing developers and nonprofit organizations that desire to rehabilitate naturally occurring affordable housing for the purposes of selling those housing units to families living at or below 80% of the area median income. CW will provide financing and underwriting to nonprofits and development partners seeking to meet these objectives. Through the $50,000 grant, United is able to support these smaller development partners, if necessary, by offering a financial guaranty to the projects.
“We are so grateful for partners like United Community Bank who help us deliver on our mission to build a brighter future for underserved families and communities through financial education, lending and investing. This loan program will be immensely helpful to business owners and developers who also believe in affordable housing across our communities. We thank United Community Bank for choosing to make this investment in our organization,” said Tammie Hoy, CEO of CommunityWorks.
About United Community Bank
United Community Banks, Inc. (NASDAQGS: UCBI) provides a full range of banking, wealth management and mortgage services for relationship-oriented consumers and business owners. As of June 30, 2022, United had $24.2 billion in assets and 195 offices in Florida, Georgia, North Carolina, South Carolina, and Tennessee, along with a national SBA lending franchise and a national equipment lending subsidiary. The company, known as “The Bank That SERVICE Built,” has been recognized nationally for delivering award-winning service. In 2022, J.D. Power ranked United highest in customer satisfaction with consumer banking in the Southeast, marking eight out of the last nine years United earned the coveted award. Forbes recognized United as one of the top ten World’s Best Banks in 2022. Forbes also included United on its 2022 list of the 100 Best Banks in America for the ninth consecutive year. United also received ten Greenwich Excellence Awards in 2021 for excellence in Small Business Banking and Middle Market Banking, including national awards for Overall Satisfaction and Likelihood to Recommend. United was also named one of the "Best Banks to Work For" by American Banker in 2021 for the fifth consecutive year based on employee satisfaction. Additional information about United can be found at www.ucbi.com.
CommunityWorks’ mission is to build a brighter future for underserved families and communities through financial education, lending, and investing, with a focus on people and communities of color. Certified by U.S. Treasury as a Community Development Financial Institution (CDFI), CommunityWorks operates a community loan fund that supports community economic development. Since its inception in 2008, CW has generated over $382 million in local economic impact, serving 7,352 families through small and micro business loans, business and financial coaching, affordable housing and community loans, and down payment assistance.