Bienestar Estates
This loan provides the capital for Comité de Bien Estar to build affordable single-family homes. Developing homes at an affordable price point is essential to support the dream of homeownership for those who would otherwise remain unable to become homeowners. Comité provides community lending programs, childcare, food and nutrition programs, housing counselling, technical assistance, and community-building classes and activities.
Loan Purpose: Line of credit
Project: Affordable, single-family, for-sale housing
The homebuyers served by Comité are 100% Hispanic and would most likely not qualify for traditional financing to become homeowners. Homebuyers consist of Comité members, farmworkers, and the general population of the San Luis area. Because Comité’s business model encourages mortgage readiness and homeownership counselling, approximately 90% of homebuyers have mortgage prequalification, pre-approval, or approval before seeking to purchase a home from Comité.
Borrower: Farmworkers founded Comité, which has now grown to effectively develop San Luis from an agricultural hub with inadequate housing into a residential community with affordable single-family and multifamily housing. Through Comité’s efforts, San Luis has achieved homeownership rates higher than the national average, despite being a low-income, BIPOC community.
Loan Details: In 2024, Partners' collaboration with Community Housing Capital (CHC) resulted in a $1,275,000 acquisition, construction, and development loan to Comité de Bien Estar to build affordable single-family homes. Since 2009, PCG Capital’s Collaboration with CHC has provided an acquisition and construction line of credit to Comité. The line of credit has been renewed several times. CHC has proven to be one of our most impactful long-term lending partners.