Rental Housing Lending

Our taxable bond financing is ideal for mixed-income or mixed-use/mixed-income developments that offer both workforce and market-rate units. It is also available to fund developments with 9% Low Income Housing Credits.

Tax-exempt bond financing is available for the development, acquisition and rehabilitation of affordable housing with 4% Housing Credits. Because these funding sources are federally regulated, developers must meet certain income limits and rent requirements.

Our Workforce Housing loans allow for a broader range of incomes, so you can choose the financing that best fits the needs of your community. The program requires that a percentage of units be reserved for residents whose annual income does not exceed certain limits. The rest of the units maybe rented to residents at any income level.

The charts below describe AMI requirements for each loan product.

Each year, we invest a large portion of our net revenues into communities. REACH Virginia provides low-cost loans and grants to help support vital housing initiatives throughout Virginia. Financing with REACH Virginia funds can supplement bond-funded loans.

Our Strategic Markets Lending Group focuses on financing to help provide housing for the homeless population, people with disabilities, underserved markets and smaller revitalization initiatives.

Ready to apply for financing? We offer a step-by-step process to guide you through the application process.

Be the first to know about any changes to our existing programs, loan underwriting practices and policies and any modifications to processes and procedures.

Sign up for updates below or view our Rental Housing Announcements page to learn more.