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Nonprofits can apply for loans for land, affordable housing construction

admin by admin
January 2, 2022
in Loans
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Nonprofits can apply for loans for land, affordable housing construction

The program provides zero-percent interest loans, both forgiveable and non-forgiveable, to eligible nonprofits, so they can acquire land in order to provide more affordable housing in the city of Austin.

Loans are available on a rolling basis until all available funds are exhausted, says the city.

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Funds provided shall be reserved exclusively for the acquisition of vacant and improved real property on Small Sites to be developed, renovated, leased, and sold to Qualifying Low-Income Households in the city, at an Affordable Rate for a period not less than forty or ninety-nine years for rental and owner-occupied housing, respectively. At least one-half of the existing or to-be-developed dwelling units on a property purchased with ADCAP funds shall be reserved as Qualifying Affordable Units.

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