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D.C. Preservation Loan Fund

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D.C. Preservation Loan Fund

Over the past five years, escalated demand to live in the Washington, D.C. metro region have transformed communities and housing once affordable to low and moderate income residents into more lucrative, market-rate neighborhoods.

To meet the challenge of diminishing affordable housing, Enterprise has encouraged the preservation of affordable housing through grants, technical assistance, and innovative financial products.

Enterprise blended $20 million in bank capital with $8 million in public funds from the District of Columbia government to create the $28 million Washington D.C. Preservation Loan Fund.

The fund provides acquisition and predevelopment financing in the D.C. metropolitan area for affordable multifamily properties threatened with conversion to for-sale housing or higher-rent use.

Up to half of each loan can include D.C. Department of Housing and Community Development funds, which must be used in the District of Columbia.


D.C. Preservation Loan Fund At-a-Glance

  • Eligible Properties: Affordable multifamily properties of 40 apartments or more, both federally assisted and unassisted, serving households with incomes at or below 80 percent of the Washington, D.C. Metropolitan Statistical Area median income. (80 percent of median is approximately $82,000 for a family of four.)
     
  • Eligible Borrowers: Nonprofit developers or other nonprofit groups working in partnership with for-profit developers in which the nonprofit has at least equal ownership interest in the project as the for-profit partner.
     
  • Eligible Jurisdictions: This loan product is available in the District of Columbia, Montgomery and Prince Georges counties in Maryland, Arlington and Fairfax counties in Virginia, and the city of Alexandria, Virginia.
     
  • Loan Uses: Property acquisition and usual predevelopment costs related to rehabilitation and refinancing.
     
  • Loan Term: 24 to 36 months.
     
  • Download the fact sheet to find out more. 

For more information and loan applications, contact Monica Warren-Jones at 202.649.3914.
Preservation Loan Fund Fact Sheet

Download the fact sheet.
© 2012 Enterprise Community Partners, Inc.
We are Enterprise. Our family includes Enterprise Community Partners, Inc, a national Section 501(c)(3) charitable organization that provides expertise for affordable housing and sustainable communities. Financing for affordable housing is offered through our tax-exempt subsidiary, Enterprise Community Loan Fund, Inc., and our for-profit subsidiary, Enterprise Community Investment, Inc. Housing development is offered through Enterprise Community Investment's subsidiary, Enterprise Homes, Inc. The content on this website reflects information about all of these entities.