Recoverable Grants
Eligible uses – Predevelopment expenses, such as environmental testing, legal fees, survey, architectural drawings, options, appraisal, etc.

• Two year term
• Usually less than $50,000
• 0% interest rate
• Unsecured
• Repaid through construction financing or other means
• Borrower must demonstrate a repayment source in development budget.

Short term loans
Eligible uses – Acquisition, predevelopment, construction, bridge, working capital, and line of credit financing of residential, commercial, community facility, or charter school space

• Up to three year term
• 6.75% interest rate for loans up to $1 million *
• 7.00% rate for loans over $1 million *
• Maximum amount of $2,000,000
• Secured by mortgage or other asset
• Flexible collateral and loan-to-value requirements
• Will subordinate to conventional lender

Mini-permanent Loans
Eligible uses – Mini-permanent financing of residential, commercial, community facility, or charter school space

• Maximum 7 year term
• Maximum 12 year amortization period
• 7.25% interest rate for loans up to $1 million
• 7.50% rate for loans over $1 million
• Maximum amount of $2,000,000
• Secured by mortgage or other asset
• Flexible collateral and loan-to-value requirements
• Will subordinate to conventional lender

Loan guarantees, lease guarantees, etc.
Eligible uses – Generally guarantees bank loans to CDC projects

• Annual fee of 1%

* Loans for community facilities, charter schools, healthcare facilities, and nonprofit office space are eligible for the lower interest rates regardless of the length of the loan term