By Lisa Bloomquist Palmer
Developers of affordable housing in La Plata, Montezuma, Archuleta, and San Juan Counties have a new source of funding for development of affordable housing.
HomesFund has expanded its loan products to include Development Support Loans that provide predevelopment financing to developers of affordable housing. Developers of rental or for-sale homes that house families with incomes below 80% of the area median (determined by the U.S. Department of Housing and Urban Development) may be eligible for predevelopment loans of up to $250,000.
The HomesFund Development Support predevelopment loans can be used to cover architectural services, geotechnical studies, environmental assessments, appraisals, and other expenses incurred when developing affordable housing.