Loan Fund


Certified as a Community Development Financial Institution (CDFI) by the U.S. Treasury Department, the Housing Assistance Council has offered low-cost rural housing development loans for over 35 years.

Since inception, the Housing Assistance Council has made 1,897 loan commitments totaling over $218 million to assist in the creation of 57,000 homes.

HAC makes short-term loans at below market interest rates to local nonprofits, for profits and government entities developing affordable housing for low-income, rural residents. HAC’s loans enable borrowers to acquire land, pay architectural and environmental fees and cover other costs that arise before construction loans are available. HAC balances careful underwriting and meaningful collateral with flexibility and an understanding that a rural community’s best potential housing developer may begin without significant housing development experience.

 

HAC loan funds serve various purposes:

 

Loans from these funds are used for a wide variety of housing development purposes, for all types of affordable and mixed income housing projects, and for both rental and ownership units.

The initial capital for HAC’s loan funds was a $2 million “War on Poverty” grant from the Office of Economic Opportunity (OEO). The loan funds have grown to a current level of $6.61 million. The significant increase is primarily attributable to the SHOP program.

 

HAC Loan Fund Investors include:

  • Adrian Dominican Sisters
  • Arthur and Jean Collings
  • Calvert Foundation
  • Congregation of the Humility of Mary
  • Elizabeth Stookey Trust
  • Episcopal Church
  • Episcopal Diocese of Iowa
  • F.B. Heron Foundation
  • Fannie Mae Foundation
  • Ford Foundation
  • Gideon Anders
  • Glenmary Home Missioners
  • Joseph and Tamara Belden
  • Karin M. Klusmann
  • Leslie Strauss
  • John D. and Catherine T. MacArthur Foundation
  • Marie Luisa Mercado
  • Meadows Foundation
  • Moises & Teresa Loza
  • Opportunity Finance Network
  • Northwest Area Foundation
  • PNC Bank
  • Reno & Cavanaugh, PLLC
  • Seton Enablement Fund
  • Sister of Charity, Blessed Virgin Mary
  • Sisters of St. Francis of Philadelphia
  • Sisters of the Holy Cross, Inc.
  • Sisters of the Presentation of the Blessed Virgin Mary
  • Society of Mary
  • U.S. Department of Agriculture
  • U.S. Department of Health & Human Services
  • U.S. Department of Housing and Urban Development
  • U.S. Department of Treasury - Community Development Financial Institution
  • Vermont Community Foundation
  • William & Gloria Powers

 

HAC is CARS rated.