Self-Help Credit Union
Durham, NC — CDFI and mission-aligned lender; potential Wellspring financing partner
Stub
Self-Help Credit Union and its affiliated Self-Help Ventures Fund are the most significant community development financial institutions (CDFIs) in North Carolina, and the closest structural analog to what Vancity does for non-market housing in BC.
What They Do
- Mission-aligned lending for affordable housing, small businesses, and community facilities
- Self-Help Ventures Fund is a separate nonprofit CDFI that takes on higher-risk / lower-return deals the credit union can’t
- Long track record financing CLT projects, LEHC developments, and other non-standard affordable housing structures
- Based in Durham — deeply embedded in the Triangle housing ecosystem
Relevance to Wellspring
Self-Help is the most likely source of:
- Pre-development / predevelopment financing — covering the gap between site control and construction-ready (the stage where most non-profit projects die)
- Construction financing — the blanket mortgage on the cooperative
- Permanent financing — refinanced blanket mortgage at stabilization
They understand the CLT-LEHC structure and have done comparable deals. They’re not a long shot — they’re the expected path.
Open Questions
- What’s their current appetite for new cooperative housing development in Durham?
- What loan terms do they offer for non-profit cooperative blanket mortgages?
- Do they have a pre-development loan product, or does that require the Ventures Fund?
- Who is the right contact for a project at Wellspring’s stage?
To Do
- Review Self-Help’s public loan programs and CDFI certifications
- Identify recent affordable housing deals they’ve financed in Durham/Triangle
- Find introduction pathway (DCLT, Durham Housing Authority, or direct outreach)