Developing Housing for Rent
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Required 20-year affordability.
Provides partial funding for acquisition, predevelopment, and construction financing for income restricted affordable rental housing constructed on vacant lots located in renovated vacant housing.
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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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 40% of total acquisition, predevelopment, and construction cost.
20-year term, with no prepayment option.
Interest only payments during construction and stabilization period.
Interest rate between 5-6%.
Loan Origination Fee 1.5-2.5%
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During the affordability period, at least 50% of dwellings must be rented to households with income at or below 80% of area median incomes as published by HUD.
Rents cannot exceed HUD published Fair Market Rents during the affordability period.
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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, commitment letter from primary lender, 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