Neighborhood Investor Lending Program

Neighborhood Investor Lending Program

Neighborhood Investor Lending Program (NILP) is for small scale for-profit and nonprofit developers to acquire and rehabilitate 1–4-unit buildings. NILP helps preserve affordable housing and stabilize communities impacted by the rising cost of housing.

Submit a Loan Inquiry

  • Mission Parameters

    • Borrower must be a developer focused on affordable housing
    • Project must be located within the Chicago (IL) metropolitan area
    • Project must be in a census tract whose household income is 80% or less of the area median income and/or income of a project end-user does not exceed 100% of the Primary Metropolitan Statistical Area (PMSA)

  • Loan Parameters

    • Loan term: up to 10 years (Permanent Mortgage Financing)
    • Amortization: up to 30 years (interest-only during construction)
    • Loan to cost: 90%
    • Loan to value: 80% – 120% (sliding scale)
    • Debt service coverage ratio: 1.2x – 1.4x (sliding scale)
    • Interest rate:  6.5% – 8%
    • Fees: $350 ($250 for nonprofit) application fee; 2% origination fee