HOUSING FINANCE: Community Redevelopment Loan & Investment Fund
ANDP's housing finance arm is "Community Redevelopment Loan & Investment Fund" (CRLIF). Officially certified in1998 as a U.S. Treasury certified Community Development Finance Institution (CDFI),
CRLIF provides financing to nonprofit and for-profit housing developers that create affordable housing, mixed income and mixed use properties. Our current focus is on developer projects serving neighborhoods and families significantly impacted by Metro Atlanta’s foreclosure crisis.
CRLIF is capitalized through loans and grants from local, regional, and national funders. With this funding, CRLIF is able to actively engage in community development, which ultimately improves housing, social, and economic conditions in metropolitan Atlanta. Please join us in recognizing the following for their investments in CRLIF:
-Robert W. Woodruff Foundation
FREQUENTLY ASKED QUESTIONS
What is a CDFI?
Community Development Financial Institutions (CDFIs) are private-sector, financial intermediaries with community development as their primary mission. While CDFIs share a common mission, they have a variety of structures and development lending goals. There are six basic types of CDFIs: community development banks, community development loan funds, community development credit unions, microenterprise funds, community development corporation-based lenders and investors, and community development venture funds. Community Redevelopment Loan and Investment Fund (CRLIF) operates as a community development loan fund that specializes in deploying capital into affordable housing, mixed income and mixed use projects throughout metropolitan Atlanta.
What loan products does CRLIF offer?
Currently, CRLIF offers two lending products
Foreclosure Redevelopment for Home Ownership - To fund acquisition and renovation of homes committed through NSP, HOME, AHP or other targeted home ownership programs. In general, loan amounts will be between $150,000 and $500,000 with variable interest rates and term between 12 and 18 months.
Foreclosure Redevelopment for Lease-Purchase/Rental - To augment equity capital for single family lease purchase/rental redevelopment. In general, maximum loan amount of $250,000 with variable interest rates and term between 24 and 48 months.
Who is eligible to apply for a CRLIF loan?
CRLIF provides financing only to, nonprofit and for-profit housing developers that create affordable housing, mixed income and mixed use properties. Our current priority is funding those developers who are engaged in foreclosure redevelopment of single family homes.
NOTE: As of January 2013, CRLIF’s available capital is fully deployed. We anticipate new project capital to be available by Summer 2013. Continue to visit this website for the latest updates.