Affordable Housing Financing

Inquire today to learn more about NFF’s housing loan products.

Nonprofit housing developers are rising to meet affordable housing challenges across the United States. As project pipelines grow, developers need flexible capital to cover acquisition and predevelopment costs as they bring projects to fruition; construction loans during rehabilitation or construction; and mini-perm or permanent loans for rental developments.

With over four decades of experience addressing nonprofits’ financial needs, NFF delivers resources to support housing developers building affordable homes and apartments in communities across the United States. We understand the challenges organizations face as they implement large acquisition and construction projects. We work closely with nonprofits and developers on tailored financing solutions that meet the housing needs of communities and the complex capital needs of developers – whether it’s your first project or your 30th.

“We knew that as a proof-of-concept project, as a completely new way of constructing housing, that traditional banks would not touch a project like this ... NFF has been absolutely wonderful. We wouldn't have been able to finish the project without NFF having confidence in our work. They saw the potential for us to make a difference in the housing arena.”
—Paul Cho, CFO, LifeArk

NFF lends throughout the US with a particular focus on New York City, California, Philadelphia, Boston, and New Jersey. We offer:

Acquisition and Predevelopment Loans

• Acquisition of development sites.
• Acquisition of existing affordable housing.
• Advancing projects through predevelopment phases (design, approval) and the pre-construction process.

Construction Loans

• New construction of affordable homes and apartments.
• Rehabilitation of existing affordable housing.

Mini-perm and Permanent Loans

• Intermediate-term amortizing loans.
• Longer-term amortizing loans for affordable housing preservation and new development.

“What NFF has enabled Sierra House to achieve is its mission to provide more units of affordable housing to families that are in need of housing. … Going to a finance agency that understands our needs, understands our budget, understands our financials, and that can provide a product that’s mission-driven so that we can better serve our communities together, is absolutely amazing.”
—Keely Freeman, Chief Executive Officer, Sierra House

Habitat for Humanity New York City and Westchester County’s (Habitat NYC) Net Zero development is creating 16 homes for sale to low- and moderate-income homebuyers on scattered sites in southeastern Queens, New York. At completion, the land will be owned by the Interboro Community Land Trust, ensuring that it remains affordable in perpetuity. NFF and LISC partnered to provide a $6.5 million construction loan for the project.

The Habitat Net Zero project consists of efficient, modular homes meeting Enterprise Green Communities Criteria and incorporating Passive House elements to reduce heat and cooling demand by up to 90% and energy demand by up to 75%, as well as solar panels to keep energy use close to net zero.

The New York City Department of Housing Preservation and Development awarded the sites to Habitat NYC through a competitive RFP process and is providing development subsidy via their Open Door program.

10 Commerce Court is a 12-story mixed-income multifamily building in the heart of Newark, New Jersey’s downtown business district. The project will convert a 126,000-square-foot office building into 110 apartments – 20% of which will be affordable – and commercial space. Hanini Group and SHIFT Capital are the joint venture developers of the project. NFF and Capital Impact Partners partnered to provide a $28 million construction loan for the project.

Samer and Thafer Hanini are first-generation Jordanian Americans who were born and raised in Jersey City and Newark. Since 2006, Hanini Group has restored historic buildings across Newark and northern New Jersey, offering development, construction, architectural design, and property management services. SHIFT Capital is a full-service real estate developer and manager working to connect developers of color with capital and resources to build quality affordable and mixed-income housing and community-serving commercial space.

Bronx Pro and Services for the Underserved (S:US) are partnering to build 187 affordable apartments on Jerome Avenue in the Bronx. Of these, 64 units will be dedicated to supportive housing for formerly unhoused older adults with lived experience of mental illness and substance use. With this investment, S:US and BPG will be able to continue delivering stable housing and essential services that foster economic wealth and well-being for even more New Yorkers. NFF and Corporation for Supportive Housing provided a $13.2 million acquisition and predevelopment loan for the project.

Bronx Pro is a well-established women-owned and community-focused development firm committed to creating affordable and sustainable housing that leads to thriving communities. S:US is a nonprofit housing and social services provider that has been supporting vulnerable populations for over four decades. S:US helps over 35,000 clients annually through behavioral health services, affordable housing, veteran services, and urban farms across more than 80 locations in New York City.

Better Housing Coalition (BHC) is developing Horner Apartments, which will create 49 rental apartments serving low-income families together with community open space and a walking trail. NFF and LISC provided a $12.7 million loan for the project, bridging low-income housing tax credit equity and other permanent sources of financing during construction.

BHC is Richmond, VA’s largest nonprofit community development corporation. Founded in 1988, BHC owns 17 affordable rental communities and has developed more than 200 single-family homes for sale to low- and moderate-income buyers.

Sierra House is working to keep housing affordable and keep home ownership within communities in and around Newark. This includes construction of small rental properties on vacant lots. Since 2021, NFF has provided three mini-perm loans to Sierra House totaling $825,000, supporting the creation of five high quality affordable rental homes for families. Learn more about our work together.

Sierra House is a community-centered New Jersey nonprofit that fosters independence for youth, low-to-moderate income families, and homeless young adults in the Newark area through housing, education, and community services.