programs-lending-affordablehousing-2

Affordable housing loans

RCAC financing helps developers build single and multifamily affordable housing units for low-income families. RCAC’s housing loans allow for short-term acquisition, pre-development, site development and construction of single and multifamily affordable housing.

Projects must be located in rural areas with populations of 50,000 or less in RCAC’s service region. For government housing program borrowers, the area must be eligible under the program guidelines, such as the USDA 502 program’s specific population limits.

Please note: RCAC does not lend directly to individuals. We loan to nonprofit developers, local government agencies and tribal governments for low-income housing projects.

Single Family Loan Application & Checklist

Please send the complete application package with original signature (blue ink is always helpful) to the loan officer serving your state. If you have questions, please contact the loan officer.

If the project includes green-build methods and materials, it may qualify for priority in loan application processing. If applicable, please complete and sign the Green Lending Qualification Checklist – Housing and Community Facilities and submit with the loan application.

All of the documents numbered 1 – 18 are required as part of the loan application. Also required are as many of the documents numbered 19 – 29 that are available. (This page may be printed and used as a hard copy checklist.)

  1. Loan application form (Please complete in detail and sign.)
  2. Loan Application Addendum – Summary Narrative (Please attach a narrative description of the project as per the suggested outline.)
  3. Instructions for Resolution to Borrow and Resolution to Borrow (RCAC form or equivalent)
  4. Assurances Statement for nonprofit corporation applicants (RCAC form)
  5. Attorney’s Opinion Letter for Public Body and Tribal Applicants (criteria)
  6. RCAC Environmental Questionnaire – RCAC form or copy of Phase I Environmental Report
  7. Organizational chart
  8. Resumes of executive director and key staff
  9. Board of Directors list including: name, address, phone numbers and experience that member brings to the Board
  10. Development team members and experience
  11. Articles of Incorporation and Bylaws (including any amendments)
  12. Federal tax exempt letter
  13. Last two years financial statements (audited if available)
  14. Current interim financial statement
  15. Agency wide budget for current operating year
  16. Proposed Sources and Use of Project Funds (RCAC form or equivalent)
  17. Affordability Information (RCAC form or equivalent)
  18. Project Economics

Please provide the items below that are available. Documents that are unavailable will have to be provided later if required for the loan type under consideration.

  1. Market study
  2. Purchase and sales agreement with addendum
  3. Preliminary title report
  4. Soils report
  5. Appraisal
  6. Location map
  7. Site plan
  8. Plans and specifications
  9. Itemized cost breakdown
  10. Commitments from other funding sources, if applicable
  11. Phase I Environmental Assessment Report

Multifamily Loan Application & Checklist

Please send the complete application package with original signature (blue ink is always helpful) to the loan officer serving your state. If you have questions,, please contact the loan officer.

If the project includes green-build methods and materials, it may qualify for priority in loan application processing. If applicable, please complete and sign the Green Lending Qualification Checklist – Housing and Community Facilities and submit with the loan application.

All of the documents numbered 1 – 17 are required as part of the loan application. Also required are as many of the documents numbered 18 – 30 that are available. (This page may be printed and used as a hard copy checklist.)

  1. Loan application form (Please complete in detail and sign.)
  2. Loan Application Addendum – Summary Narrative (Please attach a narrative description of the project as per the suggested outline.)
  3. Instructions for Resolution to Borrow and Resolution to Borrow (RCAC form or equivalent)
  4. Assurances Statement for nonprofit corporation applicants (RCAC form)
  5. Attorney’s Opinion Letter for Public Body and Tribal Applicants (criteria)
  6. RCAC Environmental Questionnaire – RCAC form or copy of Phase I Environmental Report
  7. Organizational chart
  8. Resumes of executive director and key staff
  9. Board of Directors list including: name, address, phone numbers and experience that member brings to the Board
  10. Development team members and experience
  11. Articles of Incorporation and Bylaws (including any amendments)
  12. Federal tax exempt letter
  13. Last two years financial statements (audited if available)
  14. Current interim financial statement
  15. Agency wide budget for current operating year
  16. Proposed Sources and Use of Project Funds (RCAC form or equivalent)
  17. Proposed operating budget and source of repayment

Please provide the items below that are available. Documents that are unavailable will have to be provided later if required for the loan type under consideration.

  1. Market study
  2. Purchase and sales agreement with addendum
  3. Preliminary title report
  4. Soils report
  5. Appraisal
  6. Location map
  7. Site plan
  8. Plans and specifications
  9. Itemized cost breakdown
  10. Management plan for project
  11. Survey
  12. Phase I environmental report
  13. Commitments from other funding sources, if applicable

If you would like to talk to an RCAC loan fund staff member about these or other lending needs, refer to our staff directory on the contact page or email: loan_fund@rcac.org.

Affordable Housing Loan Program Brochure