CMC Development Group (CMC) is a real estate development firm working in the New York City and Atlanta markets. CMC and its Principal Shaun Belle (top photo, center) are part of LIIF’s Growing Housing Developers (GHD) cohort. Based on extensive input from CMC and other GHD developers, LIIF created a predevelopment line of credit for GHD developers that includes a forgivable loan option for project-pursuit expenses. This enables developers, such as CMC, to access funding for projects in the earliest stages of development when these small businesses are typically responsible for paying out of pocket for application fees and earnest money deposits to acquire land. We are pleased to announce that CMC is the second borrower of this innovative LIIF product, supporting the company to advance projects in their pipeline, as well as pursue new affordable housing developments.
In early June, Shaun led the LIIF team on a tour of one of CMC’s projects in New York City. The project is a faith-based partnership to rehabilitate a church space and add new housing — an approach CMC has successfully executed in several other projects. Their model is to create a right-sized condominium for a congregation while increasing much-needed housing supply in communities.
ABOUT GHD: To increase the supply of homes that are affordable and to support the sustained growth and financial independence of experienced development firms working in communities, Wells Fargo launched Growing Housing Developers (GHD). Flexible and patient capital, a strengthened balance sheet, and increased access to industry connections and resources helps experienced development firms working in communities to grow their capacity and expand their affordable housing production into the future. LIIF’s CDFI partners in GHD are Capital Impact Partners and Reinvestment Fund.
LIIF created a predevelopment line of credit for GHD developers that includes a forgivable loan option for project-pursuit expenses.