Community Housing Capital in Decatur, Ga., has received a $100 million line of credit dedicated for the development and preservation of affordable housing from a syndicate organized by Morgan Stanley.
Community Housing Capital will use the funding to originate collateralized loans for affordable multifamily properties and single-family subdivisions to be made to organizations that participate in the NeighborWorks America network of affordable housing and community development training. More than 240 organizations belong to the NeighborWorks America network in all 50 states and the District of Columbia.
Investors in the credit facility include BB&T in Winston-Salem, N.C.; Carver Federal Savings Bank in New York; JPMorgan Chase; Wells Fargo; HSBC; Deutsche Bank and Charles Schwab.
"Our efforts together have created an innovative financing structure that will deliver private capital efficiently and effectively to neighborhoods in need," Mike Mantle, president of Morgan Stanley Community Investments, said in a news release.
