Fahe’s Community Lending Fund (CLF) offers loans to our members and other organizations to initiate and complete real estate development projects that will have a positive impact on the community. Common uses for these loans include construction financing, land acquisition, equipment purchase, and other operating expenses.
I had the pleasure of joining David Howard, our VP of Equity and Community Lending, Eric Haralson, our VP of Credit Administration and Business Services, and Jamie Puckett, our CLF Loan Administrator, in downtown Knoxville, Tennessee to visit one of the newest projects that our CLF is helping.
The project involves the rehabilitation of commercial property designated by the City of Knoxville for economic redevelopment. Shawn Poynter and Dale Mackey with the help of Fahe’s CLF purchased a former car radio repair shop that had fallen into disrepair and had become an unusable eyesore in the community.
Known as the Central Collective, the building will become a mixed-use creative space on Central Street in North Knoxville and will be the home to Dale’s Fried Pies, Shawn Poynter Photography, and the Knoxville office for the Center for Rural Strategies. The space also includes a rentable community space and a small commercial kitchen that is available for culinary startups to have an affordable area to get started.
Both Dale’s Fried Pies and Shawn Poynter Photography are well established businesses. Their names along with the Center for Rural Strategies will help to bring traffic to the area and the availability of community space helps to meet an underserved demand.
The funding for the loan comes from the Community Investment Tax Credit fund designated for properties within the City of Knoxville. This loan is special for the Fahe CLF because it’s a loan to individuals as opposed to an entity and for the fact that it is targeted for economic redevelopment and rehab of a commercial area rather than residential property.
The construction is expected to be completed approximately February 2015.
To learn more about the Central Collective, you can visit their website at www.thecentralcollective.com .