Skip to Content

Western North Carolina Affordable Housing Loan Fund 

Financing for creating and preserving Affordable Multifamily Rental Housing in Western North Carolina 

The Western North Carolina Affordable Housing Loan Fund (WNC Housing Fund) aims to help create and preserve affordable housing in an 18-county region in Western North Carolina. Dogwood Health Trust and Self-Help are partnering to fund and administer the program. 

WNC Housing Fund loans provide financing for nonprofit and for-profit developers to acquire, refinance, rehabilitate, and preserve affordable rental housing in Western North Carolina. 

 

Eligible Projects

  • For existing properties or land to develop affordable housing. 

  • Must be located within one of the following North Carolina counties: Avery, Buncombe, Burke, Cherokee, Clay, Graham, Haywood, Henderson, Jackson, Macon, Madison, McDowell, Mitchell, Polk, Rutherford, Swain, Transylvania, and Yancey as well as the Qualla Boundary.  

 

Benefits of the Western North Carolina Affordable Housing Loan Fund 

  • Offers advantageous bridge or mezzanine financing. 

  • Enables developers to save money that can be used to preserve affordability in housing projects. 

  • Loans can be used to acquire, create, rehabilitate, refinance or preserve affordable housing units. 

  • Access to in-house legal and real estate development expertise. 

  • No prepayment penalty. 

  • Low (1%) origination fee. 

 
WNC Bridge Financing

Bridge Financing for Affordable Housing

  • Term: Up to 5 years
  • Amounts: $500,000 to $7,000,000
  • 2.95% and 4.45% rates available
WNC Mezzanine Financing

Permanent Mezzanine Financing for Affordable Housing

  • Term: Up to 15 years
  • Amounts: $500,000 to $7,000,000
  • 2.45% and 3.95% rates available
We encourage you to share this opportunity with qualified developers and partners. Download a printable (PDF) flyer about the program here.