The Revolving Loan Fund was established in 1986 through a $500,000 grant from the J.M. Kaplan Fund that was matched from other sources, primarily the NCB Development Corporation, to create a million dollar revolving loan fund that would be used for the development of affordable co-operative housing and related services for the elderly, including health care, financial security, and specific physical, social, and recreational requirements.  Loans are made to cover pre-development costs for senior co-op housing.  Senior co-op housing built with the help of the Revolving Loan Fund is to be operated at the lowest feasible cost so as to be within reach of a significant segment of the elderly community.

Loan applications, which are accepted year round, are reviewed by the CDF board.

Download the Submission Guidelines (Word Doc)
Download the Sponsor Guidelines (Word Doc)

Submission Guidelines

The Revolving Loan Fund of the Cooperative Development Foundation is interested in receiving proposals for predevelopment loans to support the development of cooperative housing and related services for older persons. The following information should be part of a project submission. It is understood that, for projects in the early phases of development, some of the information requested may be incomplete or unavailable.

Project Concept

An overview of the project. Projects should be structured as housing cooperatives, appropriately designed to house older persons and affordable to low or moderate income households.

Site Description

A site and feasible method of site control should be identified. Site should be located in a neighborhood with an indigenous elderly population. Site should be located with proximity to shopping, transportation, health care, and other amenities. An appraisal of the property should be included. Site and aerial photographs and location maps should be submitted.

Market Study

A market study should be completed demonstrating a market for the project among an age and income qualified population in a defined market area. The study should consider existing and proposed competition, the cost of comparable housing, and home sales value information.

Project Economics

Development budget and operating proformas, including a description of project financing, sources, uses, status, and terms. Submission should include a project cost summary with per housing unit cost projections.

Architectural Plan

An architectural plan, including working drawings.

Management Plan

A property management plan identifying management agent if in place.

Marketing Plan

Total marketing plan, including advertising strategy, community outreach, and sales techniques.

Project Timetable

A project timetable identifying major tasks and time specifications for each. All tasks scheduled prior to project financing should be described. Projected completion dates should be included.

Development Team

Resumes of the development team members, including sponsor’s current financial statements

Sponsor Guidelines

Matching Funds

Sponsor must demonstrate to CDF that the sponsor has received matching funds either as cash grants or irrevocable commitments from sources other than CDF.  Such matching funds must be specifically earmarked for project predevelopment activities.  Unless otherwise agreed to in writing by CDF, in-kind donations of goods and services shall not qualify as matching funds.

CDF reserves the right to review documentation submitted by the sponsor to substantiate the receipt of the matching funds and to reject the qualification of any contribution as a match if, in the opinion of CDF, the conditions attached to the commitment are inconsistent with the purpose of the advance agreement or if the funds will not substantially benefit the project or ensure its completion on a timely basis.


Advance will be disbursed to the sponsor in accordance with the terms of the advance agreement with CDF.  Generally, funds will be disbursed as needed.  Need will be substantiated by a work schedule mutually determined by CDF and the sponsor.


Sponsor shall furnish CDF with reports, in form satisfactory to CDF, confirming the progress of the project and the status of the expenditure of funds thereon.  Reports shall be made available on a quarterly basis or a requested by CDF.

Reimbursement, Interest

If project proves feasible, sponsor shall be required to repay CDF advance with interest and fees in accordance with the terms of the advance agreement.  Interest rate and fees will be determined by the economics of the project – generally, interest rates will be based on prime.

Success Fee

If a project is successful, the sponsor shall pay a success fee to the Revolving Loan Fund in recognition of the high-risk nature of predevelopment financing.  These amounts shall directly assist future projects and shall be recycled for permanent use.  Amounts shall be determined by the economics of the project.

Consulting Services

CDF shall be permitted to review any sponsor contracts for technical assistance, architectural services, and other predevelopment services necessary to the development of the project.  Copies of such agreements shall become a part CDF records.  CDF shall be prepared to assist the sponsor in identifying experienced contractors and shall be available to provide direct technical assistance if needed.

Cooperative Education

The sponsor shall require the cooperative project to establish and maintain programs of cooperative education, directed to membership generally, new members, and directors.  The educational plan shall be submitted to CDF.
CDF Representation.  CDF may send a representative to attend or address the cooperative project’s annual membership meeting and meetings of its board of directors.


The cooperative project shall provide CDF with minutes of its annual membership meeting, copies of newsletters, and significant informational communications to its membership and, to the extent requested by CDF and subject to applicable statutes, demographic and income information on its membership.