Supporting the Coalition to End Homelessness

Project Vitals

Location:
343 S. Prince Street
City of Lancaster

Description:
Blight Reduction Acquisition, Rehab and Rental

Partner/Borrower:
Huyard Properties

Loan Amount / Total Project Cost:
$49,000 / $75,000Wendell

Wendell Huyard was introduced to LHOP during the process of working with the Chestnut Housing Corporation on a loan for the purchase of a two-unit building that was rehabbed by Wendell and his brother, Nathan (dba Huyard Properties). The workmanship of the rehab was exceptional. One conversation led to another and it was discovered that Wendell had a passion for helping people and the idea of collaborating on a project took off.

Huyard Properties had purchased 343 S. Prince St. which was in deplorable condition and in need of total rehabilitation. All major systems had to be replaced and/or modernized. They were searching for flexible low cost capital to assist in the rehab of the property so that the rents that he could charge would be a price affordable to lower income residents.

LHOP approached Huyard Properties with the idea of providing a special interest rate as an incentive to rent to people who were facing homelessness. Wendell was thrilled at the idea of being able to give people a fresh start and at the same time have a sustainable business model.

A $49,000 loan was provided at a reduced interest rate in exchange for dedicating the apartments to the Coalition to End Homelessness’ efforts. In working with LHOP staff (through the Lancaster Rental Housing Search Engine) and Tabor Community Services, both apartments are being rented to families that were experiencing homelessness.