Where Do CDFI's Get Funding
As the administrator of the Savannah Affordable Housing Fund, CHSA deploys funding from the City of Savannah for affordable housing. But, as a Community Development Financial Institution, CHSA also receives funding from other sources. In addition to lending capital, CHSA received funding for loan loss reserves as well as organizational costs like salaries and office expenses.
The CDFI Fund and Federal Home Loan Bank Affordable Housing Grants and Loans: The US Treasury awarded CHSA $325,000 in growth - oriented capital in 2023 from the CDFI Fund. CHSA is currently applying for membership in the FHLB.
Partnerships with CDFI organizations: CHSA is a member of the Opportunity Finance Network, which channels major donations as well as technical assistance for CDFI's across the country.
Grants from Non-profit Foundations: Every year, CHSA writes grants to foundations, seeking investments for affordable housing. For example, CHSA has received funding from the Galvan Foundation, United Way of the Coastal Empire, and the Healthcare Georgia Foundation.
Grants from Corporations: CHSA also requests grants from regional businesses. Georgia Power and CSX are among funders in the past few years.
Loans and Grants from Banks: Banks provide capital to CDFI's as a means of investing in the community, either in the form of grants, equity equivalent loans or loans to developer partners or providing funding to CHSA for our loan products. CHSA works with many local banks.
Technical Assistance for Developers: CHSA can assist with financing for housing developers, including Low Income Housing Tax Credits (LIHTC), New Market Tax Credits as well as referrals to other lenders.
Volunteer Labor and Donated Materials: CHSA has received assistance from Floor & Decor, Home Depot and other local businesses.
YOU! (and other private individuals who care about affordable housing!) It is easy to donate to CHSA and invest in affordable homes in Savannah.