We are in the process of applying for financing with three new banks right now. It looks like we should have an answer from them in about two weeks which will be just in time for our due diligence deadline on the land. I am also meeting with another local development team, who also happens to be my current landlord, to discuss the project’s financials. Having successfully completed a few low-cost rehabs of warehouses in the area, they are in a good position to offer advise on our project.
Financing Update
November 27th, 2007 | financing, development, budget Posted By chad
4 comments ↓
Have you looked into the Home Depot Foundation?
http://www.homedepotfoundation.org/support_housing.html
Andrew’s comment made me remember, you might also try Enterprise Green Communities. I can’t recall whether they require several units before they finance, but I think they help.
I also thought zerofootprint used to provide help with the additional cost of some green tech, but I can’t see that on their website anymore.
The Home Depot Foundation is a good idea Andrew and I have looked into before. Unfortunately they only work with non-profits. Below is from their website:
“The Home Depot Foundation will only fund non-profit organizations that are designated as tax-exempt under Rule 501(c)(3) by the Internal Revenue Service in the United States or that have a notification of registration and confirmation of registration from the Canadian Customs and Revenue Agency Charities Division in Canada.”
The Enterprise organization looks like they have quite a range of products that may be helpful to us. I’ll have to look into further. It seems that they have products for both low-income housing as well as market-rate.
While we are targeting a lower end of the Philadelphia market with these homes they are still technically market-rate and not low-income as they are not subsidized in any way. Our hope is that the project will influence non-profits and low-income projects and possibly lead to us being involved in low-income projects in the future. I don’t know what those projects might be at this time but will begin researching more once this project is successfully off the ground…
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