CABARRUS COUNTY, N.C. — A new loan program called the ‘Revolving Construction Loan Gap Fund’ has been launched in Cabarrus County to facilitate the construction of affordable housing.
The fund is designed to provide nonprofits and community groups with the necessary financial support to complete affordable and workforce housing projects in the area.
“We’ve had so much conversation about how we help people getting into housing but we don’t talk about one of the major issues which is land and construction cost,” said nonprofit CEO, Patrick Graham. “This revolving fund won’t cover the full cost of the project but it’ll allow organizations to proceed with construction at a flat interest rate.”
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