Revolving Loan Fund

Community Development Revolving Loan Fund

About the Program

The City of Plattsburgh’s Community Development Revolving Loan Fund (CDRLF) is a federally funded source of capital offering competitive rates and flexible terms to provide borrowers with access to an affordable financing source. The primary objective of the CDRLF is the development of viable urban communities, by providing decent housing, a suitable living environment, and expanding economic opportunities, principally for persons of low and moderate income.

Funding

The program is funded via Community Development Block Grants made available to the City by the U.S. Department of Housing and Urban Development.

National Objectives

Any CDBG-funded activity must meet one of three national objectives:

  1. Benefit Low-and-Moderate Income Persons
  2. Prevention and Elimination of Slums or Blight
  3. Address an Urgent Need

Types of Program Assistance:

  1. Single Family Housing Rehabilitation
  2. Multi-Family Rental Housing Rehabilitation
  3. Economic Development Activities and Projects
  4. Microenterprise Business Development
  5. Single Family Homeownership Assistance

Eligible Activities:

Real Property:

  • Acquisition
  • Rehabilitation
  • Development
  • Façade renovations
  • Code enforcement
  • Lead-based paint hazard evaluation and reduction
  • Historic preservation
  • Clearance, demolition, removal, and reconstruction
  • Energy conservation and efficiency improvements
  • Construction or improvement of disaster-safe shelters for residents of manufactured housing

Business/Economic Development & Microenterprise Assistance

  • Economic development projects that minimize displacement of existing businesses and jobs
  • Financing for the establishment, stabilization, and expansion of microenterprises
  • Working capital, real estate, machinery/equipment, furniture/fixtures, and/or inventory

Direct Homeownership Assistance

  • Subsidize interest rates and mortgage principal amounts
  • Acquisition of housing already occupied by the homebuyers
  • Up to 50% of down payment
  • Closing costs

 

View the Program Policies and Procedures Manual

For inquiries regarding the program: 

Email: CDRLF@cityofplattsburgh-ny.gov
Phone: (518) 563-7642