Cabarrus County, North Carolina, August 18, 2025
News Summary
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 launches $2 million Revolving Construction Loan Gap Fund to back affordable and workforce housing
Cabarrus County has seeded a new Revolving Construction Loan Gap Fund with $2 million to help nonprofits and social ventures build permanently affordable and workforce housing. The fund will offer short-term, low-interest construction gap loans at rates between 1% and 3%, well below normal market levels for attainable housing construction.
What the fund does and who it serves
The fund provides temporary loans that fill the gap between project costs and traditional financing, making it easier for mission-driven builders to move projects from plan to construction. Eligible borrowers include local nonprofit developers, social ventures and government entities working on affordable and workforce housing. Loan decisions will be made locally through the Permanent Housing Committee of Cabarrus, with technical help from a banking partner, F&M Bank.
Amount, terms and how it works
The initial backing is $2 million from county funds. Loans are designed to be short term and low cost, with interest rates set from 1% to 3%. The fund is set up as a revolving pool, meaning loan repayments will be returned to the fund to finance new projects over time. Organizers say this structure aims to keep the money in local projects and reduce reliance on traditional lending systems that can be slow or prohibitively expensive for affordable housing work.
Origins, partners and governance
The idea for the revolving loan emerged from the local housing plan led by WeBuild Concord and moved through the Cabarrus Housing Collaborative. Local advocates with the Cabarrus chapter of a statewide housing group promoted the plan through an issue campaign called One New Fund, Many New Homes, which helped secure county approval. The fund will operate with community input: local nonprofits, government representatives and residents will have a role in steering loan awards through the Permanent Housing Committee, which will receive assistance from F&M Bank on technical and underwriting matters.
Public launch
The public announcement was held on Tuesday, Aug. 19 at 10 a.m. at City Hall, 35 Cabarrus Ave. W., Concord. More details, including application steps and program rules, are available at www.webuildconcord.org, where a dedicated Revolving Gap Loan page hosts full program details.
Why organizers say it matters
Local leaders describe the fund as a tool to address rising construction costs and capital shortfalls that often stall affordable housing projects. By offering lower-cost short-term capital that returns to the pool when repaid, the fund seeks to lower upfront barriers and encourage more projects from mission-driven developers and private partners. Officials also see the fund as a way to spur additional investment beyond public dollars and to support housing that helps local workers and families achieve economic mobility.
Related housing work in Concord
The fund arrives as Concord moves forward on a variety of housing efforts. One nearby project, a new townhome development in the Logan neighborhood, produced 26 three-bedroom, 2.5-bath townhouse units aimed at expanding homeownership. Those units were developed with city, county and federal recovery funds and are reserved for qualifying buyers, with a starting affordable price around $235,000. Most units are set for households at or below 80% of the area median income (AMI), with some units reserved for incomes up to 110% of AMI. The Logan effort used local partnerships but faced delays tied to zoning, engineering and unexpected underground infrastructure work.
Broader context
The county’s new loan pool follows local advocacy and planning efforts intended to create long-term affordable options and shared-equity models. Organizers emphasize collaboration among public, private and nonprofit sectors and say the revolving model is meant to keep capital flowing to community-minded projects that struggle to meet traditional lending standards.
Frequently Asked Questions
Q: Who can apply for loans from the Revolving Construction Loan Gap Fund?
A: Eligible applicants include local nonprofits, social ventures and government entities developing affordable or workforce housing projects.
Q: What are the interest rates and typical loan term?
A: Interest rates are set between 1% and 3% for short-term construction gap loans. Exact loan terms will be defined in program materials and through the Permanent Housing Committee’s decisions.
Q: How are loan decisions made?
A: The Permanent Housing Committee of Cabarrus will review and approve loans, with assistance from F&M Bank on underwriting and technical matters. Local stakeholders, including residents and nonprofits, will have input through committee processes.
Q: Where did the money come from?
A: Cabarrus County provided $2 million in seed funding to launch the revolving loan pool.
Q: How can I get more information or attend the announcement?
A: Details were shared at a public announcement at Concord City Hall on Aug. 19. Program details and application guidance are available at www.webuildconcord.org on the Revolving Gap Loan page.
Key features at a glance
| Feature | Detail |
|---|---|
| Fund name | Revolving Construction Loan Gap Fund |
| Seed funding | $2,000,000 from Cabarrus County |
| Interest rates | 1% to 3% (short-term gap loans) |
| Eligible borrowers | Nonprofits, social ventures, government entities |
| Loan type | Short-term construction gap financing |
| Decision body | Permanent Housing Committee of Cabarrus |
| Bank partner | F&M Bank (technical assistance) |
| Announcement date & place | Tuesday, Aug. 19, 10 a.m., City Hall, 35 Cabarrus Ave. W., Concord |
| More information | www.webuildconcord.org (Revolving Gap Loan page) |
Deeper Dive: News & Info About This Topic
Additional Resources
- WCCB Charlotte: New affordable housing development opens in Concord
- Wikipedia: Affordable housing
- Charlotte Observer: Local housing & development coverage
- Google Search: Cabarrus County Revolving Construction Loan Gap Fund
- Pioneer Publishers: Is a Concord housing boom just around the corner?
- Google Scholar: Concord housing boom
- KFVS12: $17.6M housing development to be built in Marion
- Encyclopedia Britannica: Affordable housing
- KFDM: Beaumont City Council approves affordable housing project
- Google News: Cabarrus County affordable housing
