The Major Projects Loan Program offers long-term, fixed-rate financing for large-scale real estate commercial development projects. Such projects could include industrial parks, hotels, office buildings, mixed-use projects, and large shopping centers. These projects must provide a HUD-specific public benefit that creates or retains full-time equivalent jobs or goods and services to low and moderate-income communities.

Loan Amounts can range from $500,000 to $30,000,000. The interest rate can range from HUD Cost of Funds +2.5-4.5% for rehabilitation/new construction and HUD Cost of Funds +4-6% for acquisition. The maximum city participation is 20% of the total project value for rehabilitation/new construction loans and 25% for acquisition loans.

Loan terms are no longer than 20 years for rehabilitation and construction and five years for acquisition loans. Eligible activities are property acquisition, equipment purchase, new construction and related soft costs. Loans may be used with private and public funds.

Applicants must show that traditional bank financing is not available, or not available in the amounts needed, or at terms at which the company cannot afford to do the project. For questions and to apply, please fill out EWDD's Loan Program Intake Form so that we can better assist your specific needs.