This program is designed with your business in mind. It offers low-interest loans capped at no more than 3% per year, which means you can manage your repayments effectively while focusing on your projects. You can request between $500,000 and $5 million, giving you the flexibility to secure the right amount for your affordable housing initiatives or accessory dwelling units.

By applying, you not only access funding for essential activities like predevelopment costs, land acquisition, and construction, but you also play a critical role in addressing community needs. At least 30% of the funding must support extremely low-income households, which enhances your project’s impact while potentially expanding your customer base. With this program, you can build or refurbish housing that serves a diverse population, ensuring that your business contributes positively to society.

Applying for this program is straightforward, and since there's no minimum revenue requirement and no maximum employee cap, it caters to various business sizes. This is your opportunity to secure substantial funding at favorable terms while making a difference in your community through affordable housing projects.

Type of Financing
This program offers construction loans and permanent financing loans. These loans come at a simple interest rate of no higher than 3% per annum.

Repayment and Interest
Repayment terms are generally straightforward. Since they are construction and permanent loans, you may expect a reasonable repayment schedule. However, specific terms can vary based on your unique project. Always check the details closely before committing.

Eligible Expenses
The funds can be used for a range of purposes, including:

• Payment of predevelopment costs
• Acquisition, construction, or rehabilitation of affordable rental housing projects
• Construction or conversion of accessory dwelling units (ADUs) and junior accessory dwelling units (JADUs)
• Funding emergency shelters, transitional housing, and permanent supportive housing

Restrictions on Use of Funds
It's crucial to note that administrative expenses cannot exceed 5% of the program funds. Additionally, funds cannot be used for anything unrelated to the listed purposes above.

Fees
There may be some fees associated with the program, but specifics can vary. It’s a good idea to inquire about any potential fees to avoid surprises later on.

This program provides low-interest loans to help you with construction and permanent financing for affordable housing projects and accessory dwelling units. You can request between $500,000 to $5 million, giving you the flexibility to choose the right amount for your business needs. The interest rate is capped at no more than 3% per year, which means you'll have more manageable payments.

The funds can be used for several essential activities. This includes predevelopment costs, land acquisition, construction, and repairs for affordable rental housing, emergency shelters, and transitional or supportive housing projects. Additionally, you can use the money to construct or rehabilitate accessory dwellings. This program is aimed at making affordable housing more accessible, ensuring that your projects can cater to various income levels.

Moreover, there's a focus on giving back to the community. A minimum of 30% of the funding must support extremely low-income households, while up to 20% can assist moderate-income households. The remaining funds will focus on lower-income households. This structure helps ensure that your projects contribute to the broader goal of affordable housing while benefiting your business.