Initiative Capital invests $480,000 in Durham transitional housing for homeless veterans

Homeless veterans in Durham will have access to transitional housing and a range of support services thanks to a $600,000 low-interest loan to nonprofit CAARE Inc. from Initiative Capital and the N.C. Rural Economic Development Center.

CAARE will use the loan to expand a transitional housing facility to serve more veterans. CAARE now houses 15 homeless veterans in its existing transitional housing facilities. The expansion will allow it to serve 24 with housing, three meals a day and access to comprehensive support services, including substance abuse counseling, GED programs, employment counseling and case management.

“Each veteran will have his own private room and private bathroom, and the unit will have a large common space and two offices,” said CAARE co-founder Dr. Sharon Elliott-Bynum said. “We’re not just supplying a home, we’re giving access to sustainability through the supportive services.”

CAARE, which stands for “Case management of AIDS and Addiction through Resources and Education,” provides a range of health and social services to at-risk people living in the Durham area and their families. CAARE offers education and wellness classes, HIV counseling and support groups, Job Link, Benefit Bank Program, food pantry, free clinics and the Veterans Administration’s Per Diem Program.

Durham County is home to about 15,500 veterans, 3,500 of which are homeless and 2,500 who are currently seeking housing, Elliott-Bynum said. CAARE’s housing project seeks to address this growing demand. The nonprofit’s 86 percent success rate placing veterans in permanent housing distinguishes it from other programs. Many of the veterans it serves transition successfully back into society and become self-sufficient.

CAARE’s expansion will be financed with a $480,000 term loan from Initiative Capital and $120,000 from the Rural Center’s Loan Participation Program.

“Initiative Capital invests in projects that will have significant, positive economic impact for people who need it the most,” said Kevin Harris, president of Initiative Capital. “CAARE will use this facility to address a number of critical needs for our veterans in Durham and we are proud to partner with them to complete it.”

For more information on the project, visit www.caare-inc.org.

Initiative Capital is a nationally certified community development financial institution and the lending arm of the N.C. Community Development Initiative. It provides loan and investment capital that promotes prosperity in hard-hit and underserved North Carolina communities.

The N.C. Community Development Initiative leads North Carolina’s collaborative community economic development effort, driving innovation, investment and action to create prosperous, sustainable communities. For more information, visit www.ncinitiative.org.

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