Meeting Critical Housing Needs in Western North Carolina
Western North Carolina (WNC) is one of Self-Help’s largest and most established communities. Across the region, we now have over twenty-one thousand credit union members.
Like many communities, WNC has long faced a shortage of affordable housing options. In the aftermath of Hurricane Helene, the need for affordable housing solutions became even more urgent. In Western North Carolina alone, the storm damaged an estimated 73,700 homes, destroying over a thousand of them.
To address the growing crisis, Self-Help partnered with Dogwood Health Trust to establish the Western North Carolina Affordable Housing Loan Fund.
The fund provides essential financing for both nonprofit and for-profit developers to acquire, refinance, rehabilitate and preserve affordable rental housing across an 18-county region. Dogwood Health Trust seeded the fund with an inaugural investment of $40 million. With Self-Help’s financial and commercial lending experience, the fund is expected to leverage an additional $150 million from other sources to finance the creation and/or preservation of approximately 1,000 units of affordable housing.
"The need for this sort of creative partnership has rapidly accelerated in the wake of Hurricane Helene," noted Martin Eakes, Self-Help CEO. "We are grateful for Dogwood Health Trust's leadership as we work to preserve, create and rebuild affordable housing across the region together."
This collaboration shows Self-Help’s long-term commitment to communities impacted by climate, and how strategic partnerships can amplify impact when addressing complex challenges. With Self-Help's 34-year presence in Western North Carolina and Dogwood Health Trust's commitment to the region, the WNC Housing Fund can help ensure that resilient, affordable housing solutions are accessible to those who need them most.