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 has provided $2 million to start a new Revolving Construction Loan Gap Fund meant to help local nonprofits and social ventures build permanently affordable and workforce housing. The fund will offer short-term, low-interest gap loans at 1%–3%, rates well below typical market loans for attainable housing.
The fund provides short-term construction gap loans to nonprofits, social ventures and other mission-aligned entities working to build housing for residents who need lower-cost home and rental options. Loans are intended to cover the funding gap that often blocks projects from moving forward, especially on developments that mix ownership and rental units for working families, seniors and others.
Local decision-making is central to the plan. A Permanent Housing Committee of Cabarrus will review and approve loan requests, with technical assistance from a banking agency, F&M Bank. The fund is designed to operate outside traditional loan systems so it can respond to local needs and support projects that struggle to get standard bank financing.
The idea began in the strategic plan of WeBuild Concord and moved through the Cabarrus Housing Collaborative. It was later championed by the Cabarrus County chapter of Down Home North Carolina, which pushed an advocacy campaign called One New Fund, Many New Homes to push for a locally controlled pool of capital. Dozens of community members spoke to county leaders in favor of a revolving fund, helping secure approval from the county board.
Cabarrus County provided the $2 million seed round. Eligible borrowers include local nonprofits, government entities and qualifying social ventures. The fund was publicly announced at a scheduled event on Tuesday, Aug. 19 at 10 a.m. at City Hall, 35 Cabarrus Ave. W., Concord. Details and application information are available through WeBuild Concord’s website, which includes a dedicated Revolving Gap Loan section with full guidelines.
Local leaders point to rising construction costs and a widening gap between wages and housing prices as a major challenge. The fund aims to lower the cost of capital for developers focused on attainable housing so more projects can be built, produce housing faster, and support local economic mobility by making ownership and quality rentals more accessible.
The fund builds on recent local work to expand home ownership and affordable rentals. One new neighborhood project added 26 townhomes on two acres in the Logan community. Those units are three-bedroom, two-and-a-half-bath townhomes with an affordable start price for qualifying buyers near $235,000. The project includes a mix of ownership and rental units, reserving most homes for households at or below 80% of area median income and holding a share for households up to 110% AMI. City and county partners used some American Rescue Plan funds and other local support to help complete that development after construction delays tied to zoning, engineering and old underground systems.
The new county fund is intended to help projects like the Logan townhomes and future mixed developments get the upfront capital they need to break ground and finish construction.
The fund is structured to revolve in perpetuity, meaning repayments are recirculated to fund future projects. County leaders expect the fund to spur additional private and nonprofit investment and to serve as a template for local, collaborative financing that addresses the region’s housing shortfall.
It is a locally managed pool of capital seeded with $2 million from Cabarrus County to provide short-term construction gap loans to nonprofits and social ventures building affordable and workforce housing.
Eligible applicants include local nonprofits, government entities and mission-aligned social ventures that develop affordable or workforce housing.
Loans are short-term and offered at interest rates between 1% and 3%, which are lower than typical market-rate construction loans.
The Permanent Housing Committee of Cabarrus will review loan requests and make decisions, with assistance from F&M Bank for underwriting and technical support.
People were directed to attend the public announcement or visit the WeBuild Concord website’s Revolving Gap Loan page for full details and application materials.
| Feature | Details |
|---|---|
| Seed funding | $2,000,000 from Cabarrus County |
| Loan type | Short-term construction gap loans |
| Interest rates | 1%–3% |
| Eligible borrowers | Local nonprofits, government entities, social ventures |
| Decision body | Permanent Housing Committee of Cabarrus, with F&M Bank support |
| Primary goal | Support build-out of permanently affordable and workforce housing |
| Public launch | Aug. 19 at 10 a.m., City Hall, 35 Cabarrus Ave. W., Concord |
| Website | WeBuild Concord site — Revolving Gap Loan page for full rules and applications |
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