The development of affordable housing is a key facet of The Housing Fund's community development efforts. We have assisted in the creation or preservation of affordable housing ranging from supervised apartments for special needs populations, to transitional housing and single family homes for homeownership. Loans can be for pre-development, acquisition, construction, and rehabilitation. In addition to the loan programs described below, THF works with larger developers and other funding sources to create project - or program - specific lines of credit.
Program Guidelines:
The sales price or rents must be affordable to low and moderate income families; or,
The project must be located in a low or moderate income census tract (You can check an individual address by geocode, on line at (www.ffiec.gov)
THF will loan up to 90% of the cost of the project or 80% of the value, whichever is less
Repayment terms are based on the individual project
Rental projects must have a commitment for permanent financing before final approval from THF can be given
Interest Rates and Fees
Non-profit Developers ........................ Prime plus 1%
For-profit Developers ......................... Prime plus 2% with a floor of 5.25%
Non-profit loans have a 1/2 percent fee; For-profits pay 1 percent and all borrowers are responsible for paying closing costs.
Borrower name, address, phone number and previous development experience
Financial Information on the Borrower
The purpose of the loan
Amount requested
How will the loan be repaid
Project location
What collateral will be used to secure the loan
What term (length) is requested
Project budgets and plans, if available
Please download the requested application by clicking the above link. Applications may be submitted in person or by fax (615) 780-7001.
Free technical assistance and consultation may be available to assist you with project development and financing options. For further information contact The Housing Fund at (615) 780-7000.