As a national intermediary, ECLF accomplishes its goal of affordable housing by providing funding for specific strategic products and initiatives such as:
- Early Predevelopment Loans to fund design services and related predevelopment costs required to determine a project's feasibility.
- Predevelopment and acquisition financing for affordable housing developments - To fund predevelopment activities prior to closing construction financing.
- Acquisition Loans To fund acquisition of land or buildings.
- Construction loans - To fund construction and related costs.
- Secured lines of credit Working capital lines of credit Loans to and participations with other CDFIs.
Loan Fund provides short-term loans (both secured and unsecured) to support the development of affordable multifamily housing and single-family home development. Funds may be used for predevelopment, land and building acquisition and new construction or rehabilitation. These products are used throughout Loan Fund's primary markets, the 17 major urban areas. In the last several years, Loan Fund has added financing for "green" projects to its portfolio, offering loan products with attractive terms and conditions for projects that meet stringent environmental conditions while providing affordable housing to low and moderate income individuals and families.
Today, ECLF increasingly uses targeted loan funds to provide additional liquidity and capital in certain markets. Enterprise blends public, private and philanthropic dollars to create geographically targeted pools of capital to address critical market needs. These loan funds are unique because they allow ECLF to offer lower rates (as low as 4.5 percent), larger loan sizes, lengthier, more patient terms of up to 3 years, and higher LTVs (up to 130 percent) than traditional CDFIs and conventional banks. ECLF is able to provide such aggressive product features because of the capital structure of the funds, which include top-loss guaranty funding from public and philanthropic sources.