What Sets our Loans Apart?
Our loan products and expertise will take you from concept to construction and beyond. In order to qualify for a loan, a minimum of 10% of the project's units must be targeted to supportive housing residents. Our loan products are available as stand-alone or combined with our other loan products. CSH will work with you to pair financing with CSH trainings and technical assistance if needed.
PROJECT INITIATION LOANS (PILS)
These early stage loans are a unique CSH offering. PILs encourage developers to get projects off the ground with flexible terms that may include 0% interest for the first 24 months. PILs are typically up to $50,000 and are sized to move your project through the feasibility stage of the development process.
If you need financing for real estate acquisition in connection with the development of supportive housing, CSH can help. Whether combined with a predevelopment loan or on its own, acquisition loans offer the same great rates and flexibility of all our financial products. Securing project financing can take multiple years and an acquisition loan can help you acquire land and hold it during this financing phase.
Once you have a project concept and schedule in place, have identified a site and you are ready to start working on the predevelopment, CSH offers funding for these up-front costs. CSH predevelopment loans are priced with a competitive interest rate, and are flexibly structured to meet your project’s financing needs. Unlike many CDFIs, CSH will consider loan amounts of over 100% of collateral value.
For projects that have completed construction, CSH offers amortizing loans typically structured with terms of five to seven years.
Sometimes funding sources can be delayed beyond a length of time that a supportive housing provider can sustain on their own. CSH offers loans to bridge delays in funding related to the capital development or services provision for a supportive housing development.
In addition to accessing its own Solutions Fund to make loans, CSH has access to capital through several locally-based funds across the country. Below are brief descriptions of these funds. The application process for all loans made through CSH is identical.
Local Loan Funds
In addition to accessing its own Solutions Fund to make loans, CSH has access to capital through several locally-based funds across the country. Below are brief descriptions of these funds. The application process for all loans made through CSH is identical. Please contact a member of our Community Investment team if you’re interested in a loan.
BAY AREA TRANSIT-ORIENTED AFFORDABLE HOUSING FUND
The $50 million Bay Area Transit-Oriented Affordable Housing (TOAH) Fund provides financing for the development of affordable housing and other vital community services near transit lines throughout the San Francisco Bay Area. Through the Fund, developers can access flexible, affordable capital to purchase or improve available property near transit lines for the development of affordable housing, retail space and other critical services, such as child care centers, fresh food outlets and health clinics.
The TOAH Fund was made possible through a $10 million investment from the Metropolitan Transportation Commission. CSH is one of five leading community development financial institutions participating in the fund, which includes Enterprise Community Loan Fund, LISC, Northern California Community Loan Fund, and The Low Income Investment Fund who serves as the Fund Manager. Additional capital for the Fund was provided by Citi Community Capital, Morgan Stanley, the Ford Foundation, Living Cities, and the San Francisco Foundation.
LOS ANGELES COUNTY HOUSING INNOVATION FUND
The Los Angeles County Housing Innovation Fund (LACHIF) fund provides secured predevelopment and site acquisition loans for projects that meet fund requirements. Funds may be used for site acquisition, project feasibility, market studies, escrow and title fees, professional consultants, architecture and loan fees.
GOLDEN STATE ACQUISITION FUND
The Golden State Acquisition Fund (GSAF) is a $93 million flexible, low-cost financing program aimed at supporting the creation and preservation of affordable housing throughout the State of California. Financing is available for rental housing and homeownership opportunities in urban and rural communities.
GSAF was established with $23 million in seed funding from the California Department of Housing and Community Development. These funds are leveraged with additional capital from the seven community development financial institutions that serve as originating lenders.
LOS ANGELES SUPPORTIVE HOUSING LOAN FUND
This fund provides acquisition and predevelopment funding for projects that meet the requirements of the City of Los Angeles Permanent Supportive Housing Program.
NEW GENERATION FUND
CSH is an originator and underwriter for this fund in the City of Los Angeles for acquisition and predevelopment.
The New Generation Fund offers flexible acquisition and predevelopment financing for developers committed to the creation and preservation of affordable housing in the City of Los Angeles.
Made possible through a partnership between the Housing and Community Investment Department of Los Angeles, local foundations and public and private investment groups in the City of Los Angeles, the Fund is capitalized with $52 million of lendable proceeds and provides loans at the following general terms.
NEW YORK CITY ACQUISITION FUND
CSH is an originator in the New York City Acquisition Fund. The Fund offers acquisition and predevelopment loans to developers committed to the creation and preservation of affordable housing in the five boroughs of New York City. CSH only originates loans through the fund for housing developments with some portion of supportive housing.
The New York City Acquisition Fund is made possible through an unprecedented partnership between the City of New York, major foundations and New York’s public and private investment groups.
CSH uses our New Markets Tax Credit (NMTC) allocations to support the innovative financing of mixed use projects that include supportive housing or non-residential projects like community health facilities that are either co-located with supportive housing or in the community, providing critical services to both our target populations and residents of supportive housing.
NMTC permits individual and corporate taxpayers to receive a credit against federal income taxes for making equity investments in vehicles known as Community Development Entities (CDEs) which must apply to the U.S. Treasury Department's CDFI Fund to compete for this allocation authority.
CSH also partnered in the innovative Healthy Futures Fund, a debt-equity financing that creates affordable housing with Low Income Housing Tax Credits and supports community health centers with NMTC.
CSH has received 4 NMTC allocations totaling $180M to finance health centers and social service facilities that serve homeless and high-health need clients and supportive housing residents.
“We can leverage even more resources to drive projects leading to new jobs and economic development in some of the most economically distressed neighborhoods in our country,” said CSH President and CEO Deborah De Santis. “Not only are we be able to spur economic revival in places where it’s needed most, the NMTC allocations help fulfill our goals of expanding housing and healthcare services to hundreds who are struggling to improve their lives.”
Contact a Community Investment Officer near you to further discuss a loan for your development.
Community Investment Contact Information
Chief Lending Officer
Director of Loan Closings & Legal Support
Director of Loan Originations
NEW MARKETS TAX CREDIT (NMTC)
Director, NMTC Program
NMTC Loan & Compliance Officer
312- 332-6690 x2829
Community Investment Officer
New Jersey & Pennsylvania
Senior Community Investment Officer New England
Senior Community Investment Officer New York City & State
John P. Nolan
Senior Community Investment Officer
Community Investment Officer
What is a CDFI?
Community development financial institutions (CDFIs) are private financial institutions that are dedicated to delivering responsible, affordable lending to help low-income, low-wealth, and other disadvantaged people and communities join the economic mainstream.
Watch this video produced by Opportunity Finance Network (OFN) to learn more about the work CDFI's are doing across the country.