Apply for a Loan
OpenDoor provides short-term loans to nonprofit and for profit housing developers and tenant associations seeking to buy property. Loans are made for predevelopment, acquisition and bridge financing. Please contact us at info@opendoorhousingfund.org or call (301) 588-5533 if your organization is interested in a loan.
Loan Guidelines
Size: $25,000 -$1,000,000*
Term: Up to Seven Years
Interest Rate: 6-9%.
Fees: 1.5% origination fee, may be funded from loan.
Security: Flexible underwriting but reasonably secure repayment source must be identified.
Eligible Borrowers: 501(c)(3) nonprofit organizations; or Limited Partnerships controlled by nonprofits with demonstrated experience in affordable housing development; or for profit organizations; or tenant associations working with experienced development consultants or attorneys.
Local government support must be demonstrated. Project must be located in Washington metropolitan region as defined by the members of the Metropolitan Washington Council of Governments.
Possible Uses of Funds
- Earnest Money Deposit
- Purchase Deposit
- Acquisition
- Architect/Engineer Services
- Construction financing
- Environmental Consultants
- Finance & Development Consultants
- Tax Credit Consultants
- Finance Related Fees (e.g. tax credit reservation fees; loan origination fees)
- Market Studies
- Appraisals
- Legal Costs
- Project related sponsor overhead
- Similar items approved by Loan Committee
Loan Committee meets monthly and has authority to approve loans on behalf of OpenDoor. Credit memos are circulated one week in advance.
To learn about our success stories, click here.
Click here for the OpenDoor Housing Loan Application.
*Lending needs outside these program parameters can often be met through consortia arrangements with other lending sources. Please discuss all lending needs with program staff, even if they exceed the loan limits described.