Description
Smoky Mountain Housing Revolving Loan Fund Initiative
Haywood and Jackson Counties have a substantial shortage of affordable homes and rental options. This problem was worsened by recent flooding, which resulted in the displacement of hundreds of families. Further, the issue stresses local businesses in search of employees.
To create more affordable housing, Mountain Projects has formed a Revolving Development Fund. The restricted monies from this fund are used solely for the construction of houses, or for the equity portion needed to secure financing. Once homes are completed and sold, the purchase price is returned to the fund and used to build additional homes. The self-perpetuating nature of this reserve will allow us to build one home after another.
