BB&T Invests in Community Housing Capital
Community Housing Capital announced a $5 million investment from Branch Banking and Trust Company to increase CHC’s lending capacity to nonprofit affordable housing developers.
CHC’s other investors include Morgan Stanley, Deutsche Bank, Bank of America, PNC, Wells Fargo, the Calvert Foundation and NeighborWorks America.
“Our new relationship with BB&T will help us to expand the availability of quality affordable housing within BB&T’s footprint,” said Jack Gilbert, president and CEO of CHC. “Investors like BB&T understand that investing in the work CHC does to create affordable housing contributes to strong, healthy communities.”
“We are very excited to be working with CHC and its management team” said Abraham Cox, Atlanta Market president and SVP of BB&T.” “CHC’s long and successful track record in affordable housing and community development is impressive. This new investment and relationship is aligned with our corporate mission of making the world a better place by supporting the communities in which we do business.”
CHC is a national intermediary offering interim and permanent financing for the development and preservation of affordable housing.