Financing for affordable housing development in Durham, NC
The Durham Affordable Housing Loan Fund (DAHLF) aims to help create more affordable housing in Durham, North Carolina. The City of Durham, Duke University, SunTrust, the North Carolina Community Development Initiative and Self-Help are partnering to fund and administer the program.
DAHLF is available for both multifamily and single-family developments. See below for more details on program terms and eligibility.
Eligible Projects
- For existing properties or land to develop affordable housing
- Located within the City of Durham
- Plan to create or preserve affordable units for sale or rent
Eligible Borrowers
- Nonprofits and housing authorities; or for-profit entities in partnership with a nonprofit or housing authority
- Recent, relevant affordable housing development experience
- Have a business plan to create or preserve affordability
Benefits of the Durham Affordable Housing Loan Fund
- Enables acquisition of properties in a competitive market
- Allows time to secure construction/rehabilitation financing and permanent financing
- Provides financing for 100% of acquisition costs
- Access to in-house legal and real estate development expertise
- Pre-underwriting available to expedite the closing for future acquisition
Two DAHLF Products Available:
the Change Maker and the Hope Builder
Change Maker
For Multifamily Developments
Product Details:
- Acquisition loan
- Term: Up to 5 years
- Amounts: $200,000 to $2,500,000
- Up to 100% loan-to-value*
- 3.4% fixed rate, interest only throughout term
- Can combine with other financing
Property type:
- Existing multifamily housing (5+ units) or land for multifamily development
- Smaller buildings and scattered-site single-family considered
Affordability plans:
- Rental units serving <60% AMI
- For-sale units serving <80% AMI
- Mixed-use and mixed-income projects considered
Contact:
JJ Froehlich
john.froehlich@self-help.org
919.794.6792
*up to lesser of appraised value and purchase price, up to 110% on a case-by-case basis for emergency repairs and/or predevelopment costs
Hope Builder
For Single-Family Developments
Product Details:
- Acquisition line of credit
- Term: Up to 5 years
- Amounts: $200,000 to $1,000,000
- Up to 100% loan-to-cost
- 3.65% fixed-rate, interest only throughout term
Property type:
- Existing single-family housing (4 or fewer units) or land for single-family development (4 or fewer units)
Affordability plans:
- Rental units serving <60% AMI
- For-sale units serving <80% AMI
- Homebuyer education encouraged
Contact:
Don Liles
lending@ncinitiative.org
919.835.6002
We encourage you to share this opportunity with qualified developers and partners. Download a printable (PDF) flyer about the program here.
Program Partners: