The Deep South region that HOPE serves has the highest poverty rates in the country and a severe lack of quality affordable housing. Twenty-eight percent of homeowners and 51% of renters pay more than 30% of their income for housing expenses. According to the National Low Income Housing Coalition, Alabama, Arkansas, Louisiana, Mississippi, and Tennessee have a combined shortage of more than 430,000 housing units that are affordable to extremely low-income individuals. Since 1994, HOPE has financed the development of affordable housing throughout the region, with a particular expertise in providing financing for smaller Low Income Housing Tax Credit developments. After Hurricane Katrina, HOPE was one of the first organizations on the ground rebuilding homes. Through the Affordable Housing Program, HOPE has provided more than $42 million in permanent financing and leveraged more than $200 million for 54 different affordable housing developments that produced more than 2,350 affordable rental units.
For more information contact: Phil Eide, Senior Vice President of Economic and Community Development.
View some of HOPE’s LIHTC deals here.