Eligible projects:
- For existing properties or land to develop affordable housing
- Must be located within the Town of Chapel Hill or its ETJ
Benefits of the fund:
- Offers advantageous bridge or mezzanine financing
- Enables developers to save money that can be used to preserve affordability in housing projects
- Access to in-house legal
- Loans can be used to acquire, create, rehabilitate, refinance, or preserve affordable housing units
- No prepayment penalty
- Low (1%) origination fee
CHAHLF loans provide financing for nonprofit and for-profit developers to acquire, refinance, create, rehabilitate, and preserve affordable multifamily rental housing in Chapel Hill.
Chapel Hill Bridge Financing
Bridge Financing for existing Affordable Housing
- Term: Up to 5 years
- Amounts: $500,000 to $7,000,000
- 5.0% and 6.5% rates available
Chapel Hill Mezzanine Financing
Permanent Mezzanine Financing for Affordable Housing
- Term: Up to 15 years
- Amounts: $500,000 to $7,000,000
- 4.5% and 6.0% rates available