High Point fund seeking to raise $40M for affordable housing

A public-private partnership out of High Point is looking to raise up to $40 million to launch an affordable housing loan program for the city.

The High Point Housing Impact Fund aims to generate 1,000 new units. According to a presentation before the city council on Monday, the city would invest up to $2.5 million toward the effort.

Self-Help Ventures Fund, a nonprofit lender based in Durham, will administer the program.

Community Development & Housing Director Thanena Wilson said new homes are being built across the city, but they're not affordable.

"We don't have developers that are really addressing that affordable housing issue for really homeowner units or rental units," Wilson said. "So this is where we do hope that this initiative will help to spur some development, if not homeowner units, but definitely rental."

Money raised through the program would be loaned out at low interest rates to help make affordable housing projects more feasible for developers.

The units built would serve those making up to 80% of the area median income, or $59,800 for a three-person household.