Early Predevelopment Loans

Eligible Borrowers

Any nonprofit affordable housing developer operating in the areas covered by Enterprise’s 15 concentration cities and other locations served by the Foundation’s affiliates.

Intended Use of Loan

Early predevelopment loan funds may be used to fund any of 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. May not be used for earnest money deposits, option payments or other acquisition related activities. May not be used as gap financing.

Loan Amounts

The Enterprise Community Loan Fund’s acquisition loans are available in amounts of up to $3 million.

Interest Rate

0%

Loan Term

Up to 18 months.

Loan Fees and Legal Fees

None.

Affordability Restrictions

The Enterprise Community Loan Fund provides financing for affordable rental housing projects that serve households with incomes at or below 60% of the area median income. For affordable homeownership projects, The Loan Fund 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 Underwriting Criteria

Borrowers of The Enterprise Community Loan Fund's Green Early Predevelopment Loans are expected to meet the guidelines detailed in the Green Communities Criteria. For “early” predevelopment loans that will be used to address site planning, civil engineering, building location and orientation, parking and transportation planning, these criteria include engaging at least one design or engineering professional who is 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.

Applicants for Green Early Predevelopment Loans must have control of development sites that meet the Location and Neighborhood Fabric Criteria.

Steps for Applying for Green Communities Loans

  1. Review the Green Criteria.
  2. Download the Loan Application Checklist (Word, 164K)
  3. Download the Loan Narrative Form (Word, 94K)

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