Foundation for the Carolinas Receives $30 Million for Affordable Homes

Foundation for the Carolinas Receives $30 Million for Affordable Homes

The Foundation for the Carolinas has announced commitments totaling $30 million from BB&T, SunTrust Banks, and the SunTrust Foundation to boost affordable housing in North Carolina's Mecklenburg County, which faces a shortage of more than thirty thousand affordable housing units.

The gift includes $10 million that will be applied to the $50 million Charlotte Housing Opportunity Investment Fund, a FFTC campaign to match a $50 million bond referendum approved by voters in November to increase the size of the city's Housing Trust Fund. To date, the campaign has raised $31 million, with another $97 million committed to affordable housing efforts beyond the fund. The investment fund will be held and managed by the Local Initiatives Support Corporation and will work in tandem with the city's public trust fund.

"Affordable housing is a critical component for any community, which helps them grow and thrive," said BB&T chair and CEO Kelly S. King. "As part of our mission to help make the communities where we work better places to live, we're delighted to make this contribution to Foundation for the Carolinas and support their affordable housing efforts throughout the Charlotte metro area."