Wanted: housing developers

Predevelopment Assistance for Nonprofit Developers

If you need seed money to get your affordable housing project started, the Housing Commission's Predevelopment Assistance Program may be able to help.

The Housing Commission helps nonprofit organizations increase their capacity to create affordable housing through two loan programs. These are:

Early Assistance Loans

Loans of up to $10,000 are available to provide basic project feasibility information such as appraisals, Phase I environmental studies, and site control deposits. Early Assistance loans are generally repaid to the Housing Commission from the project's permanent financing.

Predevelopment Loans

Loans of up to $50,000 are available to pay typical housing development soft costs, such as architectural and engineering costs, consultant and legal fees, site preparation, environmental assessments, or purchase options. These loans are unsecured recourse loans with interest rates of zero- to three-percent and a maximum term of the earlier of two years or permanent financing.

Project Support Grants

Grants are available to pay for project staff and consultant costs related to project
predevelopment activities.

For more information, contact Dan Cady, 619.578.7594, danc@sdhc.org