Grants directory
Construction Loan Program
City of Tallahassee, Neighborhood Services · City program
Up to $200,000 per project; below-prime interest; repayment due in 18 months, or 24 months for rehab projects, or 6 months after CO, whichever comes first.
The City offers short-term construction loans to private developers building affordable single-family homes in Tallahassee. The maximum loan is $200,000 per project, with below-prime interest and repayment due within 18 months, or 24 months for rehab projects.
Program details
How it works
Private developers may apply for a short-term construction loan to build affordable single-family homes, including duplexes, triplexes, and quadraplexes. Loans carry an annual interest rate below the prime rate as reported by The Wall Street Journal.
What the money covers
Eligible uses include construction and major rehabilitation of single-family homes for resale to eligible buyers qualified at or below 100% AMI.
Amounts and repayment
The maximum loan is $200,000 per project for one project at a time. The loans are due and repayable to the City within 18 months from the date of the loan agreement, or within 24 months for rehabilitation projects, or 6 months following issuance of the Certificate of Occupancy, whichever occurs first.
Additional incentives
The City may offer expedited permitting and a waiver of water and sewer system and tap fees for homes whose purchasers have been identified upfront and whose income is at or below 80% AMI.
How to apply
Applications are received on a rolling basis as funds are available. Applicants apply online through the City’s application portal.
Full eligibility details
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