Loan Fund Established to Provide Financing for Acquiring, Preserving At-Risk Projects

摘要

The National Housing Trust (NHT) has partnered with Virginia Community Capital (VCC), a regional nonprofit community development financial institution (CDFI), to finance the acquisition and preservation of affordable housing developments with expiring affordability restrictions in Virginia. The preservation acquisition loan (PAL) fund was launched June 4 with $30 million in capital from VCC, the NHT Community Development Fund, the Virginia Department of Housing and Community Development, and the Virginia Housing Development Authority (VHDA), as well as Bank of America, SunTrust, Wachovia, and other private lenders.