Loans
Enterprise Community Loan Fund offers several lending products to support the development of affordable rental and homeownership housing that adheres to Green Communities Criteria.
Early Predevelopment Loans
Early predevelopment loan funds may be used to fund any or all of the following typical costs: green building/design charrette and other services of green building/design professional, architectural drawings or engineering studies, geotechnical study or survey, construction feasibility study incorporating green criteria, phase 1 environmental report, appraisal, legal, and development consultant fees.
Predevelopment Loans
Predevelopment loan funds may be used to fund any or all of the following typical costs related to affordable housing development prior to closing construction financing: architectural, civil engineering and landscape design fees, electrical and mechanical engineering fees, interior design fees, surveys, environmental phase one and follow-up environmental impact studies, traffic studies, erosion control plans, zoning work, legal and title fees, appraisal fees, loan fees, application fees for debt, equity and subsidy financing and the costs of engaging a green design specialist.
Acquisition Loans
Acquisition loan funds may be used to fund any or all of the following typical costs related to the acquisition of land or buildings intended to be developed as affordable homeownership or rental housing: earnest money deposits or option payments, land or building acquisition costs, title, closing and legal costs related to acquisition closing.
Construction Loans
Construction loan funds may be used to fund any or all of the following typical costs related to the new construction or rehabilitation of affordable homeownership or rental housing: construction contract costs, construction contingency, design, engineering and permitting costs during the construction period, construction management fees, carrying costs and any special costs related to compliance with Enterprise’s Green Communities Criteria.
Available Funds/Target Projects
- Projects that involve new construction of residential units or rehabilitation at an estimated cost of more than $3,000 per unit.
- Projects subject to firm site control.
- Rental housing projects that have at least 25 units reserved for renters with incomes below 60% of area median income (Green Communities grantees will consider giving Enterprise the right to submit a bid on the equity investment in the project).
- Homeownership projects that have at least 15 homes that will be sold to buyers with incomes below 80% of area median income.
- Projects in the working drawing or construction stages may be considered, but it is assumed that compliance with Green Communities Criteria may be difficult because the Criteria were not included in the design parameters; potential applicants in this situation may still send a funding application if they believe that the Criteria can be met.
- Rental housing assisted by the Initiative must be permanent housing, not transitional or emergency shelter.
The sponsor must commit to meeting the Initiative’s Green Communities™ Criteria and providing Enterprise with certification that the Criteria have been met; certifications will be made primarily by the project architect.
If you have questions about where to send this application or who to work with to underwrite a loan in your region please contact:
Michael Sloss
Vice President of New Products
Phone: (410) 772-2496
Email Mike
