Pre-Development Loans
Chase Pre-Development Loans:
Affordable Housing
Where in Michigan are Pre-development loans available?
The Michigan Interfaith Trust Fund is pleased to offer pre-development loans within the City of Detroit, made possible by Chase.
What is the purpose of this loan fund?
Projects must be located within the City of Detroit, and should increase the quantity of quality affordable housing for households with low, and very-low incomes.
Who is eligible to apply for these loans?
Borrowers will primarily be non-profit housing development organizations, and may include housing cooperatives, land trusts, churches, and social service agencies.
Chase Pre-Development Loans:
Economic Development
The Michigan Interfaith Trust Fund is pleased to offer pre-development loans within the City of Detroit, made possible by Chase.
Applications must be for commercial development activities by a non-profit community development organization or a non-profit business association. Organizations must be able to demonstrate capacity to complete the project. Projects must be viable and feasible, and must be in the City of Detroit.
The per-project cap for a loan from this fund is $25,000.00, but case-by-case exceptions may be made for a total loan of up to $50,000.00, where property needs to be acquired.
Loans may be made for traditional pre-development expenses, e.g. environmental work, architects’ fees, etc., or for cost of actual development where there is a funding gap that cannot be met by other sources.
If a CDC obtains a similar loan from another Chase pre-development fund established at Detroit LISC or another organization, it will not be eligible.
Applications are accepted through an “open door” policy. Please contact our Economic Development Loan Officer, Rita Hillman, at 313-964-7300 for additional information.
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