Mid-Atlantic Preservation Loan Fund
Over the past several years, escalated demand to live in the Washington, D.C., metro area has transformed once affordable communities and housing into more lucrative, market-rate neighborhoods.
To meet the challenge of diminishing affordable housing, Enterprise has encouraged the preservation of affordable housing through grants, technical assistance and innovative financial products.
Enterprise blended $20 million in bank capital with $8 million in public funds from the District of Columbia government to create the $28 million Washington D.C. Preservation Loan Fund.
The loan fund is a pool of private and public dollars that enables developers access to acquisition and predevelopment financing for properties in the D.C. metropolitan area threatened with conversion to for-sale housing or higher-rent use.
Up to half of each loan made through the fund can include D.C. Department of Housing and Community Development funds, which must be used in the District of Columbia.
Properties eligible for a loan from the D.C. Preservation Loan Fund must be affordable with 40 apartments or more. Residents should include households with and without federal assistance with incomes at or below 80 percent of the area median income
Nonprofit developers are eligible to borrow funds from the D.C. Preservation Loan Fund. Nonprofit groups working in partnership with for-profit developers are also eligible as long as the nonprofit group has at least equal ownership interest in the project.
The loan fund is available for properties in the District of Columbia, Montgomery and Prince Georges counties in Maryland, Arlington and Fairfax counties in Virginia, and the city of Alexandria, Virginia.
Loan Uses and Terms:
Loans can be used for property acquisition and the usual predevelopment costs related to rehabilitation and refinancing. The loan term is 24 to 36 months.
Download the fact sheet to find out more. to find out more.
For more information and loan applications, contact Monica Warren-Jones at 202.649.3914.