| The Loan Fund lends to community-based
development projects that preserve or increase the supply of affordable
rental and ownership housing. The Loan Fund provides a range of real estate
loans including acquisition, bridge, construction and permanent mortgage
loans. The Loan Fund also finances other kinds of projects from construction
loans for day-care centers to working capital for social service providers
as well as commercial real estate loans.
Lending Criteria
The Loan Fund uses the following criteria as the basis
for evaluating loan applications:
- The social purpose served by the applicant and/or
the social purpose to be served with the proceeds of the requested loan.
- The economic viability of the project or program,
and the strength of the development or management team responsible for
it. This speaks to the likelihood that the social purpose will continue
to be served throughout and beyond the term of the requested loan.
- The management capacity and financial strength of
the applicant organization and/or guarantor.
Eligibility The
Loan Fund makes loans to a range of borrowers, including:
- Nonprofit community development corporations
- Nonprofit social service organizations
- For-profit developers and service providers
- Boston Community Loan Fund does not make loans to
individuals
Pre-Application The
pre-application serves two purposes:
- It enables a Loan Officer to conduct an initial evaluation
of the request and determine if there is an appropriate role for us
to play in financing the project or organization; and
- It facilitates the planning process. Use the pre-application
as a tool to assist you in thinking through the various elements of
your request and to identify areas where you may need more information
or assistance.
When we receive your completed pre-application, we
will contact you to discuss whether your request is appropriate for the
Loan Fund. If it is appropriate, you will be invited to submit a full application
for further underwriting. Feel free to call us at 617/427-8600 if you have
any questions. Download the Boston Community
Loan Fund Pre-Application
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