“Revolving Loan Fund is a $58.3 million fund and it really is targeted to assist developers in lowering their cost of capital and, in doing so, allowing them to provide more housing that’s in an affordable range for families in Kent County.”
Kent County’s Strategic Impact Director Josh Spencer says the RLF was launched two years ago in response to a 2022 Housing Needs Assessment showing a 35,000-housing unit shortfall by 2027. So far, the program is proving successful.
“We’ve already made 16 loans totaling over $42 million. That investment has also leveraged over $114 million in private capital investments, and we’re able to create 503 units, and 428 of those were in the range that we would consider affordable to working families.”
Kent County’s partnership with IFF provides capital to nonprofits for affordable housing projects. So far, its total investment capacity has reached $58.3 million, supporting mixed-use developments, neighborhood revitalization and long-term affordability.
“You know, our committee is overjoyed with how successful it’s been and now we’re kind of looking in the future and knowing we have to grow it to continue to meet the need in our county.”
Projects supported by the fund serve households earning between 30% to 120% of area median income and include seniors, working families, and first-time home buyers.
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