Community Capital of Maryland Home

In addition to our loan products, CCM staff provides technical assistance to borrowers and potential borrowers. This technical assistance includes: guidance in obtaining funding and financing for revitalization and housing initiatives; referrals for other technical assistance for organizational capacity development; review of construction plans and progress.

CCM provides low-interest construction financing for the rehabilitation or new construction of housing initiatives that will contribute to neighborhood revitalization or expand the supply of affordable housing. Most of CCM’s borrowers are non-profit community development corporations. The maximum loan term is two years, and construction financing is available as a revolving facility for eligible borrowers engaged in ongoing initiatives. http://www.pbs.org/capital/cdfi/intro.html

Pre-development Loans are available for acquisition costs, development of plans and specifications, environmental tests and other tasks necessary to secure complete financing commitments. Projects must be likely to achieve full financing within the term of the CCM loan.

Housing financed through CCM’s construction loan program may be occupied by households entering into lease-purchase agreements, subject to CCM’s approval. The project sponsor must work with the tenant-purchaser to develop a strategy for credit reduction or repair to allow for homeownership before the end of the term of the CCM loan.

CCM provides construction financing to homebuyers in targeted neighborhoods within Baltimore as part of the Mayor’s Healthy Neighborhoods Initiative (HNI). HNI functions through a partnership of neighborhoods, banks, foundations, intermediary organizations and government for a specific purpose: to promote investment by neighbors, new owners, banks, government and other institutions in neighborhoods that are viable but are showing reduced confidence and declining appeal to buyers with choices.

Community Capital lends the acquisition and rehabilitation funds based on internal loan review, contingent on the commitment of a permanent first mortgage lender and Baltimore City to take out the CCM construction loan. CCM disburses funds during construction based upon construction inspections of work in place. Upon completion of rehabilitation the Healthy Neighborhoods lending partner’s market-rate first mortgage and Baltimore City’s second mortgage at 3% will pay off the CCM loan.

For more information, contact us at ccm@communitycapitalofmaryland.org

Website Design by K. Lechleiter Architect LLC