The Bridges to Ownership Loan Program provides loans to the following types of non-speculative projects aimed at increasing homeownership or stabilizing commercial areas:

• Non-speculative land acquisition as partial bridge financing associated with the construction of a new home for an approved buyer
• Rehabilitation of a detached rental property for conversion to sale to occupant or other approved purchaser
• Up-fit of a commercial property for sale to an approved purchaser when the project will contribute neighborhood stabilization
• General bridge financing to assist in the completion of a new home or rehabilitation project when there is an approved purchaser

Loans made under this program are subject to the requirements of PL 108-447. This limited pool of funds will be loaned at competitive rates and may include risk sharing with other financial institutions.

For information regarding this program, contact the RADA office at 919-807-8400.