The Residential Revolving Loan Fund, in partnership with Local Initiatives Support Corporation (LISC) Virginia, provides nonprofit or for-profit developers and builders the option of low-interest financing for the acquisition, rehabilitation or construction of affordable housing in the county.
The fund supports projects that create affordable housing opportunities, healthier neighborhoods and a higher quality of life for low-and-moderate income families. Down payment and closing cost assistance are also available for home buyers in this program through Housing Opportunities Made Equal.
Eligible homes are located within Chesterfield County and should be single-family, condo, and town homes (for sale or for rent) or small rental projects (two to four units). A deed of trust is required on acquired properties.
The 3-year loan terms include a 3% fixed annual interest rate and a maximum loan amount of $300,000.
LISC Virginia conducts the application intake, loan underwriting and fund management for the Residential Revolving Loan Fund. If you are interested in applying to receive funding, please contact John Bolton, senior program officer at LISC Virginia, via email or by phone at 843-475-8094.