HAC’s loan fund provides low interest rate loans to support creation of subdivisions and new single- and multifamily affordable housing projects for low-income rural residents throughout the U.S. and territories. The loan fund also supports preservation and rehabilitation of existing affordable housing including USDA RD Section 515 and 514 units, HUD-subsidized housing, and naturally occurring affordable housing. Capital is available for all types of affordable and mixed-income housing projects, including preservation, new development, farmworker, senior and veteran housing. HAC loan funds can be used for pre-development, site acquisition, site development, construction/rehabilitation and permanent financing.
HAC’s revolving loan fund provides vital capital to rural housing developers of all types: community-based, nonprofit organizations, housing development corporations, for-profit developers, self- help housing sponsors, farm worker organizations, cooperatives, land trusts, Indian tribes, public agencies and units of local government. HAC works with experienced housing developers and new developers embarking on their first housing development. HAC balances careful underwriting and meaningful collateral with flexibility and an understanding that a rural community’s best potential housing developer may begin without significant housing development experience.
HAC funds are currently available to non-profit organizations and public entities as low as 4.75% interest (higher rates may apply to for-profit borrowers).
HAC Loan Funds are available to affordable housing developer - nonprofits and for-profit organizations; not individuals.
HAC invests in communities that are Rural by FHFA Duty to Serve Rural Definitions or USDA Housing Programs Eligibility.