Housing Choice Loan Program
Communities that have achieved the “Housing Choice” designation under the Commonwealth’s Housing Choice Initiative will be eligible for an interest rate reduction up to .50% from the standard below market rate of 2% offered by the Trust.
The Trust is proud to support the Commonwealth’s efforts in expanding affordable housing, and by providing more subsidy, it will make vital water projects that are needed to support this development more affordable.
Example Savings:
| Loan Amount | 2% Interest | 1.5% Interest | Housing Choice Savings |
|---|---|---|---|
| $1,000,000 | $224,254 | $165,715 | $58,539 |
| $3,000,000 | $672,762 | $497,144 | $175,619 |
| $5,000,000 | $1,121,280 | $828,573 | $292,707 |
| $7,000,000 | $1,569,778 | $1,160,002 | $409,776 |
| $9,000,000 | $2,018,287 | $1,491,432 | $526,855 |
Toreceive the interest rate reduction, eligible communities need to apply through the standard Clean Water and Drinking Water State Revolving Fund solicitation process.