Existing Customer

Building affordable, efficient homes, housing solutions, and community facilities that expand opportunities for all

Real Estate Development

OppFund plays a strategic and active role in increasing affordable housing stock across Michigan. We provide loans to developers whose work focuses on single-family, multi-family, and mixed-use developments. By utilizing a unique method of underwriting, OppFund successfully blends traditional due diligence concerns with an understanding of the atypical difficulties faced by developers in the current market.

Affordable Housing Developer Loan

OppFund supports for-profit or non-profit developers with this loan product to deliver affordable, single-family or multi-family homes, expanding access to stable housing. Developers benefit from OppFund’s flexible underwriting, technical assistance, and deep understanding of the affordable‑housing landscape, especially in communities where market forces and traditional lenders often fail to meet demand.

Community Facilities Loan

Our team supports nonprofit developers by providing financing that allows community-based organizations to provide critical services that anchor Michigan neighborhoods. These loans help create and strengthen vital community assets such as early‑childhood centers, health clinics, cultural institutions, food access sites, social‑service hubs, and other spaces that directly support residents’ wellbeing.

Energy Efficiency Developer Loan

We provide developers with this loan for energy-efficient upgrades to meet higher sustainability standards. This loan supports developers who are modernizing aging properties, reducing energy consumption, and improving long‑term affordability for residents by lowering utility costs. Eligible improvements include insulation enhancements, high‑efficiency HVAC systems, window and door replacements, LED lighting upgrades, water‑saving fixtures, and the integration of renewable‑energy systems such as solar installations.

OppFund recently received a grant from the Michigan Department of Environment, Great Lakes, and Energy (EGLE) which enables us to design a Commercial Property Assessed Clean Energy (PACE) lending product. This innovative project will create Michigan’s first CDFI-aligned pathway for PACE projects under $1 million, especially in underserved communities. This project has the potential to strengthen Michigan’s clean energy finance ecosystem.

Contact Us

By Phone

Alexis Hill
(West Michigan)
ahill@oppfund.org
(616) 320-2550

Message Us

Carlton Shelton
(East Michigan)
cshelton@oppfund.org
(313) 462-2419

Resources

Mortgage Loan FAQs

Loans are provided for all phases of affordable housing development and can be used for:

  • Real estate option/acquisition

  • Pre-development expenses (legal fees, design costs, appraisals, etc.)

  • Construction and/or rehabilitation financing

  • Bridge loans

  • Permanent financing

Eligible projects may include:

  • Multi-family rental housing

  • Supportive housing for people with disabilities

  • Single-family homeownership

  • Lease-purchase housing

  • Mixed use developments (There is a separate application (link to Mixed Use Page) for these projects)

  • Cooperatives, land trusts for residential uses

  • Transitional housing – more than 90 days on up to two years, SRO or family units that include supportive services (not group “shelters” or emergency arrangements)

  • Special needs housing including group homes for the disabled or elderly

  • Workforce housing

Terms are flexible with a wide range of loan amortizations/maturities.

Interest rates are affordable and designed to accommodate the needs of the project.

Security

  • Security is typically in the form of a real estate mortgage on the project itself, but may be on other property, and shall not exceed 100% of the appraised value of the secured property.

  • All collateral must be insured.

  • Assignment of syndication proceeds in certain tax credit projects with scheduled pay-ins of equity.

  • Escrow accounts for taxes and insurance may be required.

We primarily provide housing development loans to both for-profit and nonprofit organizations, e.g. housing development corporations, cooperatives, land trusts, community development corporations, faith-based institutions, labor unions, credit unions, and social service agencies with a stated mission of creating affordable housing.

New and experienced development organizations are welcome, with preference given to those who demonstrate a willingness and capability to carry out development on an ongoing basis.

Current borrowers of OppFund dollars are eligible, provided the outstanding loans are not in any way delinquent or in default.

For-profit entities and local units of government may also be eligible.

All projects must meet OppFund’s eligibility criteria:

  • Increase or maintain the quantity of quality, affordable housing

  • Primarily benefit households with incomes between 30% and 80% of area median family income

  • Demonstrate community support

  • Be sponsored by an organization incorporated in Michigan

  • Demonstrate ability to receive and administer funds and ability to repay the loan

  • Provide security for the loan and have a positive impact on the Fund’s portfolio

  • Ensure long-term affordability

OppFund’s Impact on Affordable Housing Development in Michigan

  • Over 430 affordable housing real estate development loans
  • Over 3315 affordable housing units created or preserved

Real Estate Development Contact us

Please complete the form below to obtain an application package and learn current timelines for submissions and approvals. Next, you will need to submit your application with related project proposal narratives and budgets for initial staff review.

Name(Required)
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Please include a very brief description of your project.
The pie chart titled "Business & Real Estate Portfolio — Aggregated Industry Exposure" for December 2025 illustrates a total of five industry sectors. Health & Social Services represents the largest portion at 32.5% with a value of $1.30M, followed by Food, Hospitality & Recreation at 25.0% totaling $1.00M. Personal & Business Services and Construction & Trades share equal weight at 17.5% each, both valued at $0.70M. Wholesale & Logistics constitutes the smallest segment of the portfolio at 7.5%, representing $0.30M.

Loan Process

1. Application

The loan approval process begins once an applicant has completed a loan application and provided the required documentation. The prospective loan fees, interest rates, and terms are disclosed so the applicant can begin assessing the total cost of the mortgage.

2. Processing

The information provided by the applicant is reviewed and verified ensuring it is complete and accurate. If items are missing or incomplete a loan officer may contact the applicant to offer additional assistance or request documents.

3. Underwriting

The underwriting staff begins reviewing all submitted documents to ensure the applicant meets the loan program’s requirements. Additional documentation and/or clarifications may be requested during this time. Loan decisions are provided whether it’s a Denial or Conditional Loan Approval and usually take 5-10 days.

4. Pre-Approval

Following conditional approval, OppFund will provide you with a pre-approval letter that you may use as your begin your home search. Once you find a home and your offer has been accepted, title insurance is ordered, and the borrower will have upfront expenses for inspections, appraisals, and earnest money deposits. Once all loan contingencies are met and verified by underwriting an applicant may schedule a closing.

5. Closing

Once the loan has been fully approved and a closing has been scheduled, the applicant prepares a cashiers check for the title company and signs all closing documents. The mortgage loan process is now complete and your homeownership journey begins.

What Developers Are Saying

We are delighted to have been able to use a Trust Fund loan. It was easier to create the much-needed housing for senior citizens in our area with the low interest loan provided by the Fund. Thank you!”
Barb SeleskyMichigan Quality Homes, 1997
Old Town has benefitted tremendously from the Commercial Economic Development Fund (CEDF) grants. The majority of the buildings in our commercial district have been renovated and their facades restored with the help of these grants. In addition to the bricks and mortar construction, these grants have helped to provide two new Old Town murals, including the new Preuss Pets mural, which is now a Lansing destination. Thanks!”
Jamie Schriner-HooperOld Town Commercial Association, 2005
The Trust Fund and their staff were phenomenal to work with, and their willingness to facilitate a loan that complemented the characteristics of the community enabled a much needed Phase II of the senior rental facility in a small village.”
Cheryl McHallamCarriage Towne Place Apartments, 2005
The experience that we had working with OppFund has been exceptional. If there ever was a question or concern, staff was always ready to assist.”
Michelle LaJoie, CLM-CAA
I’m so grateful for the push to get this done! A lot of hardwork and faith went on behind the scenes. And for that, I say…….Thank you! Bryce, words can’t even express how amazing it has been working with you.
ShaWanna G.CEO, Real Estate/Residential Builder, 2026