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We focus on lending for the acquisition, rehabilitation and preservation of affordable housing. We provide debt capital to low- and moderate-income housing, mixed-use projects with a residential component, and market rate housing located in areas where development of such markets will have a positive and sustained impact on the community.
Project types include rental housing, for-sale housing, limited equity cooperatives, and special needs/permanent supportive housing, with an emphasis on permanent or long-term affordability. Our core market is buildings with 50 units or less, with loans typically ranging from $100,000-$1,000,000.
Eligible uses for affordable housing financing include:
An acquisition loan can be combined with a construction loan. An acquisition or construction loan sometimes includes a mini-permanent loan feature that carries a 3 to 5-year term. This product allows the project to move through the higher risk rehabilitation and rent-up phases to project stabilization, when CFE is typically taken out.
This 10-unit cooperative houses tenants from three different generations near the historic and rapidly gentrifying H Street NE corridor and its Atlas Arts District.
In 2008, residents purchased this building with funds from DC’s Department of Housing and Community Development (DHCD). Afterwards, residents tried to secure financing for critical repairs, but due to the 2008 financial crisis the process was delayed.
In 2017, the co-op was re-energized after working with City First Enterprises. We provided staged financing to cover immediate costs and to submit an application to DHCD for construction funds. With additional financing from City First and DHCD, the cooperative will be able to become homeowners in a city where affordable housing options are swiftly disappearing.
An existing and successful borrower client of CFB purchased this property in the Congress Heights neighborhood of Ward 8 – a low-income census tract – with a plan to maintain current affordable rents. Subsidized by the DC Housing Authority’s voucher program, tenants pay a small portion of their rent, which does not exceed $58 a month. Residents also benefit from supportive services provided by Catholic Charities, which include preparing tenants for the voucher program by confirming the requisite and often burdensome paperwork. Catholic Charities also provides ongoing housing case management, life skills education, transportation to medical care, and monthly status check-ins.
Through a $61,000 subordinate loan, CFE partnered with CFB to allow the City First family to provide a $390,000 “unitranche” loan product in a seamless transaction for the borrower, and ultimately for residents whose options and opportunities will grow based on a foundation of stable and affordable housing.
An existing and successful borrower client of CFB purchased this property in the Congress Heights neighborhood of Ward 8 – a low-income census tract – with a plan to maintain current affordable rents. Subsidized by the DC Housing Authority’s voucher program, tenants pay a small portion of their rent, which does not exceed $58 a month. Residents also benefit from supportive services provided by Catholic Charities, which include preparing tenants for the voucher program by confirming the requisite and often burdensome paperwork. Catholic Charities also provides ongoing housing case management, life skills education, transportation to medical care, and monthly status check-ins.
Through a $61,000 subordinate loan, CFE partnered with CFB to allow the City First family to provide a $390,000 “unitranche” loan product in a seamless transaction for the borrower, and ultimately for residents whose options and opportunities will grow based on a foundation of stable and affordable housing.
