Loans Available for Community Development

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.
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

The Single Family Regional Loan Fund helps low income individuals and families purchase their first home using special low interest financing and down payment assistance (0% deferred as long as the property is the borrower's primary residence). In 1997, PHA became the Regional Administrator of this fund on behalf of the Virginia Housing Development Authority (VHDA) and the Department of Housing and Community Development (DHCD).

The Elderly and Disabled Home Safety Revolving Fund provides 0% interest funds for wheel chair ramps, grab bars, safety railings, roof and structural repairs, and other modifications needed to allow elderly and/or disabled community members to remain safely in their homes.

The Regional CHDO Loan Fund is a revolving fund that provides flexible low interest loans to CHDOs or CHDO-partnering organizations for the development of affordable single family homes and rental properties.

The Albemarle Housing Initiatives Fund (AHIF) is a flexible fund used for interim or bridge financing for affordable housing opportunities in Albemarle County only. The fund may be used for grants or loans (depending on income level) for rehabilitation, first-time home purchases, or creation of low-cost rental opportunities for low income families and individuals. Non-profit and for-profit organizations may also apply.

For more information contact Peter Loach at 434-817-2436