Financing
Small Scale Developers
Reinvestment Fund provides financing that supports small scale housing developers as well as developers who are underrepresented in real estate development.
Expanding Affordable Housing & Supporting Community-rooted Developers
Affordable housing development firms – both nonprofit and for-profit – are a critical resource for strengthening the housing development ecosystem as a whole and expanding the supply of homes that are affordable. To increase the supply of homes that are affordable and to support the sustained growth and financial independence of experienced development firms working in disinvested communities, Wells Fargo launched Growing Diverse Housing Developers (GDHD).
GDHD Initiative
Backyard ATL
Reinvestment Fund, in partnership with Atlanta Neighborhood Development Partnership (ANDP), financed a demonstration project by Backyard ATL to preserve and expand affordable housing in South Atlanta. Backyard ATL is an innovative development model that builds affordable housing on land that would not otherwise serve the community. Backyard ATL designs and builds Accessory Dwelling Units (ADUs), which are small (up to 750 square feet) detached, residential structures typically located behind the primary residences on single-family lots. ADUs are fully functioning living spaces that include their own kitchen, bedroom, and bathroom facilities. ADUs are often built as extensions of a primary residence.
Backyard ATL
JUMPSTART
In Philadelphia, Reinvestment Fund is supporting the expansion of the Jumpstart program with a $3 million loan. Jumpstart helps start-up, small-scale property owners in Philadelphia redevelop housing in their neighborhoods. So far, 85% of participants in its training and loan program have been women and people of color, who are less likely to be able to secure affordable loan capital. Through the program, they will rehab vacant properties and those in poor condition for rent or sale at prices that are affordable for existing neighborhood residents.
JUMPSTART
Spring Garden Lending
Reinvestment Fund capitalized a new loan fund in Baltimore to provide short term construction loans for single family and small multifamily housing developers. Spring Garden Lending (SGL) makes short term loans to developers at an average of $200,000. The loans helps smaller developers acquire or renovate single family homes and small multi-family properties. The homes are expected to sell for between $200,000 and $300,000 on average or rent for $1,500-$2,000 per month—pricing that is accessible to buyers and renters at 80%-120% of the area median income.
Spring Garden Lending
Women’s Home Preservation
In Baltimore, Reinvestment Fund financing is helping Women’s Home Preservation, a mission-driven development firm focuses on creating housing stock that is accessible to single mothers and widows. WHP secured three properties on West Baltimore Street with support from Reinvestment Fund and is planning for a bustling commercial strip featuring locally owned restaurants, a retail showroom doubling as a tailoring apprentice program, and rental units with priority given to employees from nearby healthcare facilities and single mothers.
Women’s Home Preservation