Pre-Development Revolving Loan Fund (RLF): ORFH provides low-interest loans to our sponsors in the early stages of the development process. Loans typically cover expenses such as earnest money for land acquisition, environmental reviews and other costs associated with moving a development from conceptual stages to actual plans.
Preservation RLF: In 2011, ORFH successfully applied to USDA Rural Development for a $1 million RLF to help rehabilitate and preserve existing rural rental housing that was financed in part by RD’s multi-family housing programs (Section 514, 515 and 516). ORFH is working through the closing process with RD staff and we hope to have these funds operational and available later this year!
Other CDFI products: The US Department of Treasury certified ORFH as a Community Development Financial Institution (CDFI), based on our RLF lending activity. ORFH also received a technical assistance grant to explore other ways in which we can provide affordable financial products to low-income farmworkers and rural residents. Our research is well underway and we plan to launch some innovative new financial products in 2012. Stay tuned!!