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Predevelopment Revolving Loan
Program Description
The Predevelopment Revolving Loan Fund (PDLF) provides a potential source of "seed-financing" to enable community-based organizations to access sufficient financing in the early stages of a housing development project. The PDLF program was created to provide the following resources:
- Technical assistance to enable community-based organizations to qualify for a NIFA predevelopment loan;
- Short-term low interest or, if matching funds are provided, no interest predevelopment loans of up to $20,000; and,
- Assistance in using the predevelopment loan funds successfully in order to obtain the appropriate professional services, resources, and financing necessary to develop housing that responds to the community's needs.
Loan terms:
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Minimum loan amount
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$5,000
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Maximum loan amount
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$20,000
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Loan term
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Up to 18 months
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Interest rate
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0-3% per annum
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Repayment schedule
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Lump sum at end of loan term
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NIFA Contact:
Ted Simpson
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1230 'O' Street