Housing Development & Revitalization Loan Program

The Aiken Corporation’s Housing Development and Revitalization Loan Program is designed to support new residential construction and the renovation of existing homes within targeted areas of the City of Aiken. The program provides short-term, low-interest loan assistance to encourage quality housing development that strengthens neighborhoods and aligns with the character of the surrounding community.


This program is intended to catalyze reinvestment, promote responsible development, and support long-term neighborhood stability.

Purpose of the Loan Program

The City of Aiken has designated the Aiken Corporation to administer a housing loan fund to support both new construction and renovation of residential properties within the city limits.


While the program may be available citywide, initial focus is given to properties located along Kershaw Street between Richland and Barnwell Streets and surrounding areas. Strong consideration is given to projects that respect the historic character of the neighborhood.



The loan fund is structured as a revolving fund, meaning repaid loans are used to finance future projects and reinvested back into the community.

IMPORTANT DETAILS

Applications may be submitted by:


- Individual property owners

- Business entities that own property

- Applicants with a contract in place to purchase a property


Loans are secured with a note and first mortgage, with the borrower responsible for all closing costs.

Loan assistance is available for:


- New home construction

- Renovation of existing homes


Funds may be used for residential projects, including:


- Owner-occupied homes

- Rental properties

- Applicants must meet program eligibility criteria

-Approved applications are funded as funds become available


Funding is provided on a first-come, first-served basis

- 0% interest loan for qualified applicants


- The Aiken Corporation may provide up to 80% of total project costs


- Applicant must contribute the remaining 20%

- Project cost may include land acquisition


* Loan cap per project: $75,000 *


Maximum loan amount per borrower: $200,000


Includes all borrowing by any company where the applicant is an owner or part-owner


A qualified applicant may have no more than four (4) active projects at one time under the program

Loan repayment is due in full:


- Within two years of loan approval


OR


- Upon sale or rental of the property if it occurs within two years

Request More Information


Complete the form below to request additional information about the Housing Development and Revitalization Loan Program. Once submitted, you will receive access to program details and application materials to help determine whether this opportunity is a good fit for your project.