NMF is committed to leading and supporting collaborative efforts to add housing capacity in the region. We build better lives by ensuring that our region has sufficient housing availability and that lack of housing is no longer an obstacle to shelter and jobs. It is NMF’s goal to help add 1,500 new housing units to the region’s housing inventory by 2024.

Housing Loan Program

NMF is now accepting applications to provide gap financing on multi-family and single-family housing projects. Eligible projects will address at least one of the desirable project attributes listed below. Maximum loan amount per project from July 1, 2019 through June 30, 2020 will be capped at $100,000 per project. The interest rate, term, amortization and fees associated with the loan program are determined on a case-by-case basis.

Desirable project attributes:

  • New housing units
  • Affordable housing units
  • Housing projects that address the needs of low-income persons
  • Projects that refurbish existing housing units and preserve current housing stock
  • Housing projects in high workforce need areas
  • Initiatives that lead to single-family refurbishment projects
  • Projects that support the development of single-family homes that address the area’s defined value gap
  • Initiatives that lead to multi-family refurbishment projects
  • Projects that support the development of multi-family homes that address the area’s defined value gap

Ineligible projects:

  • General agricultural production
  • Projects that do not align with the principles and core values of NMF
  • Projects that require NMF to provide long-term primary single-family mortgages
  • Projects that would put NMF in a position to act as a developer
  • Projects that would require NMF to provide property management services
Click here to download the Housing Loan Application

Anyone wishing to apply for funding through this program should contact Robert Maher, Program Officer – Economic Development and Housing. Robert will help you determine if your project qualifies for funding.
If it appears the project qualifies, you will be asked to submit a completed application along with the appropriate financial information.

As a lender, it is never NMF’s intention to fund projects that could otherwise be funded by traditional lenders such as a bank or credit union. NMF does not compete with traditional lenders such as a bank or credit union. Instead, it is our intention and preference that our loan dollars complement traditional financing products and help close gaps wherever they may occur. Financing Gap may be defined as projects that have inadequate equity, or inadequate private lender financing on realistic terms and conditions. The word “gap” may also refer to a difference between cost, appraised and market value of proposed collateral. Primary lenders typically will require a certain level of equity contribution based on the type of asset being financed. Most often, banks will lend up to a certain equity percentage of cost or market value, whichever is less. A gap may exist when cost and market value differ. The desire to finance a gap is not meant to include projects that lack an equity investment entirely. In a typical transaction, a traditional lender such as a bank will be in first position on the loan collateral and NMF will take a second lien behind the bank.