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.