The North Carolina Housing Finance Agency provides interest-free loans for development projects that benefit the following populations:
- Homeless persons
- Persons with mental, physical or developmental disabilities
- Persons with substance use disorders
- Children in foster care
- Youth aging out of foster care
- Adults released from correctional facilities.
Financing is also available for housing servicing other special populations on a case-by-case basis.
Nonprofit organizations must have had their 501(c)3 designation for at least three years to apply and must be able to provide two years of audited financial statements. Organizations which have not completed a successful real estate development project within the last seven years must work with a qualified consultant or partner with a more experienced nonprofit organization.
Developments in large Community Development Block Grant (CDBG) entitlement cities may receive interest-free loans of up to $500,000 or 50% of project cost, whichever is less. Small CDBG entitlement cities may receive up to $600,000 or 60%, and non-entitlement areas may receive up to $700,000 or 70%.
Get started below by learning more about eligibility requirements for the Supportive Housing Development Program and how to apply for project financing.