MaineHousing is providing interest-free capital to cover mortgageable pre-development costs incurred by nonprofit borrowers who are developing affordable supportive housing projects or preserving certain federally-assisted housing projects. Pre-Development Loan (PDL) funds will be used to leverage private and other funds for the construction of new affordable supportive housing, the adaptive reuse of existing structures for supportive housing, or preservation of units with assistance from a Rural Development program or HUD’s Rental Assistance Demonstration (RAD) Program.
All applicants will be required to describe the extent to which they can address one or more of the following Consolidated Plan priorities:
You may be eligible for a Pre-Development Loan if you:
For more information on the program please contact:
Multifamily Development Info