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06.22.2021
The Down Payment Assistance Fund (DPAF) recently launched a Predevelopment Loan product at a 4% interest rate. Loans are anticipated to be in the amount of $500,000 and potentially up to $1 million. The Predevelopment Loan cover letter can be found here and the application can be found here. This product is currently open to nonprofits in the HPD pipeline with a project that is at least 30% supportive.
Additionally, if your organization was one of 19 pre-qualified groups for the original Down Payment Assistance Fund, DPAF loans are available to you specifically for down payments. Borrowers can get access to the lesser of $1 million or 10% of the contracted purchase price for a down payment. This process is meant to be fairly quick, 20-30 days. The down payment can be repaid at acquisition closing or construction closing. Please see the DPAF website for all relevant information including the term sheet.
For either of these products, you can contact LIIF, CSH, Enterprise or LISC (contact info on website and in the DPAF Predevelopment Loan cover letter). For general questions, please contact Rebecca Sauer (rsauer@shnny.org).