The Enterprise Community Loan Fund (ECLF) is a leading provider of affordable housing financing, focused on creating and preserving affordable homes, especially in underserved communities. The fund is part of Enterprise Community Partners, which has invested billions into community development. 

Summary of ECLF 

  • Mission: ECLF supports the development and preservation of affordable rental housing, targeting low-income communities, with a focus on sustainable, equitable housing solutions; 
  • Financial Products: ECLF offers loans for predevelopment, acquisition and construction, as well as permanent financing for multifamily affordable rental developments designed as flexible, low-cost capital; and 
  • Investment Strategy: The fund aims to fill financing gaps where traditional lenders may be reluctant, by offering mission-driven capital to meet community needs. 

Accessing Funding for Affordable Housing: 

  • Eligibility: Developers, particularly those with a track record in affordable housing and those focused on low- to moderate-income tenants, are eligible to apply. Both nonprofit and for-profit developers can access the funds. 
  • Loan Products: ECLF offers loans for: 
    • Predevelopment: Covers early expenses such as site evaluation, architectural services and other preparatory costs. 
    • Acquisition: Funding for the purchase of land or existing properties. 
    • Construction: Loans for new developments or rehab. 
  • Application Process: Developers must submit detailed project plans, including financial projections, proof of site control and plans for long-term affordability. ECLF evaluates the project’s viability and its alignment with community development goals. 
  • Deadlines: Applications are reviewed on a rolling basis, offering flexibility for developers to apply at any stage of their project. 

        Key Benefits 
        The loans often come with flexible terms and lower interest rates than traditional lenders, allowing developers to undertake projects that might not otherwise be feasible. By offering tailored financial solutions, ECLF helps multifamily rental developers bridge gaps in traditional financing, making affordable housing projects more achievable. For more information, on how to access and apply for funding visit the ECLF website.