Any community-based housing developer operating in the areas covered by Enterprise's 15 concentration cities and other locations served by Enterprise affiliates.
Intended Use of LoanAcquisition 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.
Loan AmountsThe Enterprise Community Loan Fund’s acquisition loans are available in amounts of up to $3 million.
Interest RateContact us for current interest rates.
Loan Term
Up to 24 months.
Loan Fees
Two percent of the loan amount.
The Enterprise Community Loan Fund finances property acquisition at up to 90% of as-is appraised value for existing operating rental properties. For vacant buildings or vacant land, guidelines typically allow financing property acquisition at up to 75% of as-is appraised value. All acquisition loans are recourse loans to the borrowing entity.
Affordability RestrictionsThe Enterprise Community Loan Fund provides financing for affordable rental housing projects that serve households with incomes at or below 80% of the area median income. For affordable homeownership projects, Enterprise provides financing that serves households with incomes at or below 80% of the area median income. Mixed-income projects, whether rental or homeownership, are also eligible.
Adherence to Green Communities Underwriting CriteriaBorrowers of the Enterprise Community Loan Fund Green Acquisition Loans are expected to meet the site selection and location guidelines detailed in the Green Communities Criteria. Borrowers will be expected to engage at least one design or engineering professional as a member of the project development team who is certified by LEED (Leadership in Energy & Environmental Design), certified by the U.S. Green Building Council, or has similar green design experience or qualifications recognized by Enterprise. This consultant must be under contract to the borrower by the time the acquisition loan is closed. Underwriting of Green Acquisition Loans will include an assessment by a Loan Fund officer and Enterprise’s Green Communities Coordinator, a design professional certified in environmental design and energy efficiency to ensure that the project as proposed substantially meets The Green Communities Criteria.
Steps for Applying for Green Communities LoansIf you have questions about where to send this application or who to work with to underwrite a loan in your region please contact Green Communities. Phone: 410.715.7533 or Email.
