LIIF is pleased to announce that the District of Columbia Preservation Fund awarded LIIF $3 million. LIIF will leverage this grant with LIIF capital to provide flexible, low-cost financing for the preservation of affordable housing in D.C. This financing will not just preserve affordable housing, it will provide developers the capital needed to improve property conditions and hold properties until developers secure permanent financing.
The Fund provides quick access to bridge, acquisition, and pre-development financing for eligible for-profit and nonprofit borrowers to purchase and rehabilitate occupied buildings with more than five units. At least 50 percent of units must be currently affordable to households earning up to 80 percent of the median family income. The Affordable Housing Preservation Fund activities are being funded in partnership with the District of Columbia Department of Housing and Community Development (DHCD).
“Access to the Affordable Housing Preservation Fund financing will allow LIIF to help developers acquire more properties, guaranteeing long-term access to affordable housing, improved property management, and better housing conditions.” said Holly Denniston-Chase, Deputy Director, Mid-Atlantic Region. “LIIF recognizes the important investment the District of Columbia, and especially the DHCD, is making by growing the District of Columbia Preservation Fund.”
Key loan features include:
- Loan sizes up to $5 million.
- Below-market interest rates.
- Up to 125% loan to value.
- Loan terms up to four years.
- Ongoing technical assistance, especially in conjunction with creating competitive supportive housing plan.