Certified as a Community Development Financial Institution (CDFI) by the U.S. Treasury Department, the Housing Assistance Council has offered low-cost rural housing development loans for over 40 years.
Since 1971, HAC has committed more than $285 million to help create more than 67,700 homes, including water/sewer connections. HAC's loan funds have reach throughout rural America, with loan commitments to over 700 local organizations in more than 530 counties throughout 49 states and territories of Puerto Rico and the U.S. Virgin Islands
HAC makes short-term loans at below market interest rates to local nonprofits, for profits and government entities developing affordable housing for low-income, rural residents. HAC’s loans enable borrowers to acquire land, pay architectural and environmental fees and cover other costs that arise before construction loans are available. HAC balances careful underwriting and meaningful collateral with flexibility and an understanding that a rural community’s best potential housing developer may begin without significant housing development experience.HAC loan funds serve various purposes:
The initial capital for HAC’s loan funds was a $2 million “War on Poverty” grant from the Office of Economic Opportunity (OEO). The loan funds have grown to a current level of $6.61 million. The significant increase is primarily attributable to the SHOP program.