What is a CDFI?

What is a CDFI?
Piedmont Housing Alliance is becoming one of the primary financing agents for affordable housing and community development activities in the region. PHA has been certified by the U.S. Treasury as a Community Development Financial Institution (CDFI). PHA partners with federal, state, and local lenders to offer a variety of home loans with low interest rates for borrowers who may not qualify for conventional financing. This includes loans for new construction or existing properties. Borrowers may also qualify for down payment and closing cost assistance through HOME Funds or other subsidies offered through PHA.

PHA is a U.S. Treasury Department - certified Community Development Financial Institution (CDFI). Through the CDFI program, PHA is eligible to apply for Federal funding of $1 for every non-Federal dollar raised, up to $5 million in any three-year period. PHA has been awarded over $600,000 in CDFI funding since 1999. For more on the CDFI program, click here.


The Community Development Loan Fund utilizes federal, state and local funding, private foundation grants, support from local businesses and financial institutions, and private donations to fund affordable housing and other community development projects throughout the region. Loan terms and loan amounts are variable.


Eligibility requirements:
For Mortgage/Construction Loans to individuals, the borrower must intend to be the occupant of the home. The total monthly household income must be 80% or below the area median income (AMI), as published by HUD and the properties must be located in the Thomas Jefferson Planning District (i.e., Albemarle, Fluvanna, Greene, Louisa, and Nelson counties and City of Charlottesville).

For loans to developers, non-profit and for-profit organizations or individuals with a demonstrable record of successful housing development activities may be eligible. The projects must be to develop home ownership, rental, rehab or mixed-use opportunities for low-(i.e., less than 50% AMI) or moderate-income (i.e., less than or equal to 80% AMI) families/individuals and the projects must be located in the Thomas Jefferson Planning District