Predevelopment Loans/Grants
Forecasted
Predevelopment Loans/Grants support public and nonprofit housing partners with early planning expenses and technical assistance to help create or preserve quality affordable rental housing in Virginia.
Funder: Virginia Housing
Due Dates: Not stated
Funding Amounts: Below-market predevelopment financing; loan interest rates described as extremely low
Summary: Supports early expenses that help move affordable rental housing projects toward development.
Key Information: Predevelopment loans are for public and nonprofit organizations developing or maintaining affordable rental housing.
Description
Virginia Housing offers below-market loans and grants for typical predevelopment expenses that help bring high-quality affordable rental housing into development. Its predevelopment loans can cover technical assistance and other needs arising in a project’s early planning stages.
The program is part of Virginia Housing’s support for localities and housing partners working to create or preserve affordable housing. Most Virginia Housing grants are funded through REACH Virginia, which receives a significant portion of the organization’s net revenues each year.
