Your Project must be located in one of our service area cities or towns
HDF provides commercial loans to affordable housing owners/developers purchasing multifamily properties (2 or more units, non-owner-occupied) in our Service Area. For a map and list of towns included in our Service Area, click here.

All of the units must be affordable to income eligible families depending on the location of the development.

If the development is located in a Low- or Moderate-Income Census Tract (LMI Tract) as defined by the Federal Financial Institutions Examination Council (FFIEC), 30% of the development must be made available to families earning less than the Metropolitan District (MD) Median Income. For a map, list of towns and income limits, click here. You can find out if your property is in an LMI Tract by clicking on the following website: http://www.ffiec.gov/geocode/default.htm. Type in the address and hit the "Search" button. On the next page, click "Get Census Demographic". If the Tract Income Level box says either Low or Moderate, your property is in an LMI Tract.

If your development IS NOT in an LMI Tract, 100% of the development must be to families earning less than the Metropolitan District (MD) Median Income.

Housing costs charged on a per household basis must not be greater than 35% of household income (including utilities) or 30% of household income (excluding utilities).

Housing costs for rental housing is the monthly rental charge. Housing costs for for-sale housing include taxes, insurance, and common area maintenance. Based on the current Metropolitan District (MD) Median Income, housing costs cannot exceed $2,280. For rental developments, if the tenant is a non-Section 8 tenant, tenant income and housing costs will be verified on an annual basis.

You must be willing to evoke an affordable deed restriction on your Project.

In an effort to maintain affordability in the Service Area, HDF requires our lenders to evoke an affordable deed restriction for the length of HDF's loan term, regardless of any early repayment of the loan.