Multifamily Coal Trust Homes Program

The Multifamily Coal Trust Homes Program makes available $15 million of Coal Tax Trust Fund dollars to develop affordable rental homes by providing developers with low-interest rate loans. The program is a result of House Bill 16 that was passed during the 2019 legislative session.

It’s estimated the money will initially support the development of six new affordable rental properties. As these loans payoff, the money returned will be used to fund the development of additional homes.

Substantially complete applications must be submitted at least 6 weeks before a Board meeting to be eligible to be on the agenda.  Please click here for the next scheduled Board meeting.

Eligibility

Multifamily Coal Trust loans can be used for projects such as new construction, acquisition and/or rehabilitation of existing multifamily rental homes, acquisition of land for multifamily rental homes and land trusts for rental and mobile or manufactured homes.

Eligible applicants include non-profit, for-profit or government entities.

Listed below are the requirements and documents.

Loan Application Process and Requirements

Current Uniform Application

Current Qualified Allocation Plan

Amenity List Form

Payment Portal: Click Here  

Application upload:  Click Here