Developing Housing for Home Buyers
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Provides funding for acquisition, predevelopment, and construction financing for the construction of new single-family houses on vacant lots or the renovation of vacant single-family houses that, once complete, will be sold to households making 120% area median income or less.
MBCAHF may take a subordinate lien position to the primary construction financing.
Property must be located in Macon-Bibb County.
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Nonprofit and/ or for-profit organizations, government entities, builders, developers or a combined partnership of, committed to the production and preservation of affordable and workforce housing. Borrowers must have experience developing and managing qualified units.
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Established before funding is approved.
Sales price is determined based on the number of bedrooms. Bedrooms plus one will determine the expected household size and income limit used to set pricing. Click on the “Understanding Affordable Housing” red button above to view estimated affordable mortgages based on income and household size.
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New construction or substantial renovation. Property must meet pre-agreed specifications and be awarded a Certificate of Occupancy upon completion.
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Fund up to 80-90% of total acquisition, predevelopment, and construction cost.
Typically, 24 months with interest only payments during construction period.
Interest rate of up to 5%.
Loan Origination Fee 1.5-2.5%
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Applications are ongoing, year-round, providing funds remain available.
All first-time applicants should contact Executive Director, Natalie Bouyett, to discuss the proposed plan prior to submitting.
Letter of Intent (click red button above), development budget, pro forma, and other requested documents are required.
Once the completed Letter of Intent is received and approved by MBCAHF, the applicant will be required to submit a full application and $500 application fee.
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Natalie Bouyett: nbouyett@mbcahf.org