Working in partnership with NIIF, the National Community Stabilization Trust (“NCST”) closed funding for the Developing Affordable Starter Homes Fund (“DASH”), a pilot program being launched in Baltimore City to provide capital access for local, small developers to create affordable homeownership opportunities and support neighborhood revitalization.
DASH is initially capitalizing a $3 million loan fund. The DASH loans will finance the acquisition, renovation, and sale of single-family homes to low- to moderate-income homebuyers in NIIF-eligible neighborhoods.
DASH is being operated by NCST, a national housing nonprofit with deep experience supporting neighborhood revitalization through homeownership. NIIF is providing the majority of the lending capital for the program through a revolving loan facility of over $2.5 million. The program also benefits from a $250,000 loan guarantee from Baltimore City and investments from Ernst Valery and NCST. Baltimore-based Dominion Financial Services will provide loan administration and servicing.
“I am excited for DASH’s ability to help small developers who do the hard work of increasing the inventory of affordable homes for sale. DASH will provide a scalable platform designed to finance them and is a critical step towards achieving a more equitable development financing system,” said Sharon Park, is serving as DASH’s Executive Director.