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Affordable Housing
WACIF supports the production of affordable housing by providing access to capital and technical assistance (TA) to nonprofits and other affordable housing developers.
Through programs such as WACIF’s Model Block initiative in Prince George’s County, supported by the Maryland Department of Housing and Community Development offers: Working Capital and Bridge Loans to nonprofit organizations providing social services in local communities, Lines of Credit, Earnest Money Deposit Loans to assist low-income tenant groups in acquiring, rehabilitating and converting apartment buildings to tenant-owned cooperatives and for the acquisition of community based facilities, Acquisition and Construction Financing to Community Development Corporations and other nonprofit affordable housing developers (rental and for-sale), Long-term, Mini-permanent Mortgage Loans for rental housing projects and special needs housing facilities, such as group homes, community residential facilities and single-room occupancy housing, Predevelopment Financing through WACIF Initiatives, Inc., an affiliate created by WACIF to lesson the risk of providing predevelopment financing.
WACIF also offers TA to help borrowers bring projects to fruition, build organizational and technical capacity, establish relationships with the banking community, and become “loan ready” for financing from traditional financial institutions. For our work in this area WACIF received a 2006 “Commitment to Excellence” award for small business support at the Governor’s Workforce Housing Conference, as well as a significant grant from the Community Legacy and Financial Assistance Fund for TA and access to capital for affordable housing developers and homeowners in Prince George’s County, MD.
Through WACIF’s Prince George’s County Community-Based Development Organization Program (PGC-CBDO), funding and free group and individual TA is available to build the capacity of organizations increasing the availability of affordable housing in Prince George’s County, MD. Please contact WACIF staff for information on upcoming seminars.
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