Grant Programs

Interim Finance Program

The Interim Financing Program (IFP) utilizes funds not disbursed in the State's Letter of Credit to HUD for grants to communities to assist businesses or developers in creating housing and job opportunities for low and moderate-income persons through short-term loans between $500,000 and $5,000,000.

The duration of all loans will be dependent on availability of CDBG funds. The business or developer being assisted by the IFP community must secure an unconditional, irrevocable letter of credit for the full amount of the IFP loan (principal plus any accrued interest to term) from a lending institution acceptable to DECD, which will be assigned to the State.