Cabarrus County unveils $2M revolving gap loan fund to support nonprofit affordable and workforce housing projects.
Cabarrus County, North Carolina, August 18, 2025
Cabarrus County has seeded a $2 million Revolving Construction Loan Gap Fund to provide short-term, low-interest (1%–3%) loans to nonprofits, government entities and mission-driven social ventures building permanently affordable and workforce housing. The fund is designed to close timing and capital gaps during construction, recycle repayments in perpetuity, and accelerate projects that expand homeownership and rental options for moderate- and lower-income households. Loan decisions will be made locally by the Permanent Housing Committee of Cabarrus with technical support from a banking partner. Program details and applications will be posted by the local housing partnership.
Cabarrus County is putting $2 million into a new Revolving Construction Loan Gap Fund designed to give short-term, low-cost construction loans to nonprofits and social ventures that build permanently affordable and workforce housing. The fund will offer gap loans at interest rates between 1% and 3%, well below typical market rates for attainable housing projects. A public announcement for the fund was scheduled for Tuesday, Aug. 19 at 10 a.m. at City Hall, 35 Cabarrus Ave. W., Concord.
The fund aims to cover short-term financing shortfalls that often block projects from moving forward. Loans are meant for construction costs rather than long-term mortgages, and the intent is for the money to be repaid and then reused for new projects, allowing the pool to revolve in perpetuity. Local nonprofits, municipal entities and residents will have a role in deciding which projects receive funds through the Permanent Housing Committee of Cabarrus, which will be assisted by a banking agency in underwriting and loan decisions.
The fund idea began as part of WeBuild Concord’s strategic plan to increase equitable housing options and was later adopted by the Cabarrus Housing Collaborative. Members of a local advocacy group pressed the county to act through a campaign that pushed for a single new public investment to expand housing access. That local campaigning helped secure approval for the county seed funding that stands behind the new fund.
A county Permanent Housing Committee will evaluate loan requests and priorities, with technical support from a bank to help assess project viability. The process is intended to be flexible and to operate outside traditional, slow loan channels that can stall affordable housing developments. The committee model is designed to let community members and mission-driven organizations shape how funds are used.
Eligible borrowers include local nonprofits and social ventures working on projects that expand affordable homeownership, rentals targeted to lower- and middle-income households, or mixed projects that include both. The fund is aimed especially at mission-aligned groups that need upfront capital to begin construction but struggle to access market-rate loans or bridge financing.
The new fund follows recent local efforts to build more affordable units, including a neighborhood townhome development that added 26 new units with a mix of owner and rental options. Those units were reserved for households at or below certain percentages of area median income and included pricing designed to expand home ownership opportunities. That project used a mix of public partnerships and federal recovery funds to move forward despite delays from site infrastructure and zoning issues.
Officials view the revolving loan pool as one tool among many to push housing production, paired with city and county planning, zoning adjustments, and partnerships with developers. The fund is intended to draw more private and nonprofit investment into projects that meet community goals for long-term affordability.
The public announcement set out basic rules and directed interested parties to the WeBuild Concord website for full details on the revolving gap loan program. The site offers documentation on eligibility, application steps, and committee procedures. Community members were invited to learn more at the announcement or via the fund’s web page.
Rising construction costs and limited access to short-term capital are common barriers that keep affordable housing projects from starting or finishing. A county-backed revolving loan pool with intentionally low interest rates can lower that barrier by giving builders predictable bridge funding and letting nonprofit developers focus on project delivery rather than constant fundraising. Over time, the fund’s repayments aim to finance more projects and expand housing options for workers, families and older residents.
The fund is a $2 million county-seeded pool that provides short-term, low-interest loans to finance construction gaps on projects that create permanently affordable and workforce housing.
Eligible applicants are local nonprofits, mission-driven social ventures, and certain public entities working on qualifying affordable or workforce housing projects.
Loans are short-term construction gap loans with interest rates in the 1% to 3% range. They are designed to be repaid on project completion so the capital can be reused.
The Permanent Housing Committee of Cabarrus will review and decide on loan awards with assistance from a banking agency for underwriting support.
The fund operates outside traditional financing systems, offering much lower interest rates and quicker, mission-focused decisions to bridge timing and capital gaps for affordable projects.
Attend the public announcements or visit the local housing initiative’s website for application details, program rules, and contact information.
| Feature | Details |
|---|---|
| Seed funding | $2,000,000 from Cabarrus County |
| Loan type | Short-term construction gap loans |
| Interest rates | 1% to 3% |
| Eligible borrowers | Local nonprofits, social ventures, and certain government entities |
| Decision body | Permanent Housing Committee of Cabarrus with banking assistance |
| Purpose | Support construction of permanently affordable and workforce housing |
| Announcement | Public unveiling held at City Hall, 35 Cabarrus Ave. W., Concord |
| More info | Visit the program web page for full guidelines and application steps |
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