CABL
Charlottesville Affordable Bridge Loan (CABL) Program
The Charlottesville Affordable Bridge Loan (CABL) Program provides short-term, low-interest financing to not-for-profit housing organizations working to preserve and create affordable housing within the City of Charlottesville. The program helps organizations secure property quickly ensuring that critical housing opportunities are not lost due to timing or capital gaps.
Administered by the City of Charlottesville Office of Economic Development (OED) on behalf of the Charlottesville Economic Development Authority (CEDA), the CABL Program supports projects aligned with the OED Economic Development Strategic Plan and the City’s affordable housing priorities. Award preference is given to projects that support first-time homeownership opportunities for members of the local workforce.
Eligible applicants for the CABL Program include not-for-profit housing organizations chartered and actively operating within the City of Charlottesville that are working to preserve or create housing for low- to moderate-income households.
Funding may support items such as acquisition of existing affordable housing properties, renovation or rehabilitation work on existing affordable housing units, and new construction projects that expand affordable housing supply in the City of Charlottesville.
Loan Features:
- Loan amounts up to $500,000
- Short-term financing (up to 24 months)
- Low 2% interest rate, adjusted annually
- Most loan decisions made within 30 days of receiving a completed application
Interested applicants should contact OED early in the project planning process to confirm eligibility and funding availability. Applications must include a project description, financing and renovation plan, information on affordability targets, and identify collateral for the loan.
CABLE Program Information Sheet and Checklist (pdf)
Contact
Charlottesville Office of Economic Development
(434) 970-3111
engel@charlottesville.gov