The Ford Foundation provides grants and low-interest loans for predevelopment activities for affordable housing. The Foundation typically provides grants to cover predevelopment costs, which may include planning, architectural work and community engagement. Low-interest loans are offered through their Program-Related Investments (PRIs) program to support early-stage affordable housing development. Loan and grant amounts vary based on the project, but PRIs typically come with below-market interest rates, with flexible repayment terms.
As part of the application process, developers must submit a detailed proposal that aligns with the foundation’s broader goals of promoting social justice, equity and affordable housing development. The Foundation also accepts unsolicited funding proposals, which starts with contacting the foundation directly through their website and submitting a “letter of inquiry” (LOI) to outline the project. Full proposals are invited based on the LOI review. The foundation accepts applications on a rolling basis, but it’s essential to check for any specific funding initiatives or time-sensitive grant opportunities on their website.
Nonprofit organizations and mission-driven developers are eligible to apply, while for-profit developers are typically not eligible unless they are partnering with a nonprofit organization on a project. Developers must demonstrate a strong alignment with the foundation’s focus on community development, equity and social justice.
Projects that focus on affordable housing for low- and moderate-income communities have the best chance of securing funding. Predevelopment activities, including site acquisition, planning, design, environmental studies and community outreach are eligible uses for the funds. You can search for affordable housing financing the Ford Foundation offers using its Grant Database.
