Applicant Eligibility/Project Location: The project must be located within the Central Business District of the City of Alexandria (from Third Avenue to Eighth Avenue, from the alleyway west of Fillmore Street to the alleyway east of Hawthorne Street), and be a conforming use in the B-1 or B-2 zoning district in which the property is located. Applicant/borrower must be the fee title or contract for deed owner.
Type of Loan/Loan Amount: DRRLF loans are direct loans. If there are private matching borrowed funds, City RLF may be equal to or less than the private financing, but in no case greater than $10,000 per project. If there are no private matching borrowed funds, City RLF may be up to 100% of the project costs, to a maximum of $5,000 City Loan per project.
Eligible Costs: Exterior improvements (including, but not limited to facades, siding, windows, doors, awnings, and signage.)
Length of Loan Terms: If there are private matching borrowed funds, City RLF may be equal to or less than the private financing, but in no case longer than 60 months. If there are no private matching borrowed funds, City RLF will be 48 months.
Loan Interest Rate: If there are private matching borrowed funds, City RLF loan will match the private lender’s interest rate. If there are no private matching borrowed funds, City RLF will be three percent (3%) below current U.S. Treasury Note rate or one percent (1%), whichever is higher.
Loan Servicing and Costs: All loan document preparation and legal fees are paid by the applicant.
Loan Approval: Reviewed by City Budget Committee with final approval by City Council. Funds released by City Administrator after approval of private financing, if applicable.
Loan Position: If there are private matching borrowed funds, City RLF loan will be in a junior collateral position to the matching source of project financing.
Loan Security: All revolving fund loans will be secured by a mortgage taken on the property to be improved.
Miscellaneous: Applications will be received on a first-come, first-served basis. Private matching funds financing may consist of bank or other financial institution financing and/or other public/semi-public (non-City) financing. Injection of owner equity does not constitute private matching borrowed funds.
Loan Guideline Policy: These Downtown Redevelopment Revolving Loan Fund guidelines may be modified or waived by the Alexandria City Council on a case-by-case basis, upon recommendation of approval by the City’s Budget Committee, in instances demanding appropriate action to address unusual circumstances or unanticipated conditions or opportunities.