The NCRC Housing Rehab Fund (GROWTH) and the Benedict-Allen Community Development Corporation today announced the completion of eight new affordable homes north of the Benedict College campus in downtown Columbia, South Carolina.
Driven by a partnership that includes the City of Columbia, South Carolina, Benedict College and Mungo Homes, this new development is situated on previously vacant land, creating new “infill” housing in the neighborhood around Benedict College’s campus. The partners started with the construction of eight single-family homes on Read Street, pricing starting in the 130,000’s and serving buyers making 80% or less of the area’s median income.
“The National Community Reinvestment Coalition’s commitment to expanding affordable and equitable homeownership in targeted metropolitan areas of Columbia is fully evident in the construction of these eight new single-family homes,” said Mayor Steve Benjamin. “This project furthers the City of Columbia’s vision to provide more affordable housing and create vibrant communities for families. We appreciate the collaboration between GROWTH by NCRC and the Benedict-Allen CDC that spurs the growth and revitalization of this proud neighborhood through new home construction. We look forward to bringing City of Columbia resources and support to more projects like this.”
“This development is a great example of our national mission to create and preserve beautiful and affordable homes benefitting working-class communities and individuals, particularly those that promote improvement for, and build wealth in, communities of color,” said Ed Gorman, Managing Director of NCRC Housing Rehab Fund. “We are pleased, too, to have worked with a great, local team that built and marketed these homes.”
Mungo Homes, a local builder, acted as the general contractor overseeing construction of the subdivision.
The City of Columbia, SC, and GROWTH by NCRC entered into a Memorandum of Understanding to develop affordable single-family homes in Columbia, SC. The city recommended and introduced GROWTH by NCRC to local affordable housing developers to explore partnering to build single-family homes in the city.
The project completed in November 2020, with all eight of the homes sold in December 2020.
About GROWTH by NCRC: (www.growthbyncrc.com)
We believe that no matter where you start in life, or the neighborhood you live in, every family deserves the opportunity to own a home, to start building wealth and to enjoy the American Dream. Our mission is to make homeownership possible for more people.
GROWTH is an initiative of the National Community Reinvestment Coalition (NCRC) and is fueled by the NCRC Housing Rehab Fund (the “Fund”), a private equity real estate fund focused on rehabbing (and building new construction) single-family houses to provide affordable homeownership opportunities in low- and moderate-income communities or for low- and moderate-income people. The Fund has been operating for five years and is operating in over 15 cities.
The National Community Reinvestment Coalition and its grassroots member organizations create opportunities for people to build wealth. We work with community leaders, policymakers and financial institutions to champion fairness in banking, housing and business. NCRC was formed in 1990 by national, regional and local organizations to increase the flow of private capital into traditionally underserved communities. NCRC has grown into an association of more than 600 community-based organizations in 42 states that promote access to basic banking services, affordable housing, entrepreneurship, job creation and vibrant communities for America’s working families. More: www.ncrc.org
About the City of Columbia
About Mungo Homes