Predevelopment Loan Program (PDLP)
Links to program publications are shown following the program description.
Provide predevelopment capital to finance the start of low-income housing projects.
Three percent simple annual interest short-term loans for up to two years. Maximum loan amount for purposes other than site option or site purchase is $100,000. The maximum amount committed to any one borrower at any point in time is announced in each Notice of Funding Availability (NOFA).
Predevelopment costs of projects to construct, rehabilitate, convert, or preserve assisted housing, including manufactured housing and mobilehome parks. Eligible costs include but are not limited to site control, site acquisition for future low-income housing development, engineering studies, architectural plans, application fees, legal services, permits, bonding, and site preparation. Priority will be given to developments which are rural, located in the public transit corridors, or which preserve and acquire existing government-assisted rental housing at risk of conversion to market rents.
Local government agencies, nonprofit corporations, cooperative housing corporations, and limited partnerships or limited liability companies where all the general partners are nonprofit mutual or public benefit corporations.
Applications are accepted and evaluated and funds awarded on a continuous basis as funds are available.