AFFORDABLE HOUSING FINANCING

Building stronger communities together.

At Stearns Bank, it’s not just about financing. It’s about creating opportunities for communities to thrive. Let’s work together to build something that lasts. To us, that’s #BusinessUnusual.

Creating homes. Strengthening communities.

Affordable housing is more than just units. It's the foundation for healthier, more resilient communities. We're here to help bring that vision to life, one project at a time.

39,000+

Housing Units

$2.8 Billion

In Affordable Housing Projects

Affordable Housing Lending Products

Land Acquisition

Secure the funding you need to acquire the land for your affordable housing project.

Pre-Development

Access flexible financing to cover pre-construction costs.

New Construction

Tailored financing to bring your ground-up projects to life.

Debt & Bond Financing

Structured debt solutions designed to meet your affordable housing project’s unique needs.

Low-Income Housing Tax Credit (LIHTC)

Leverage LIHTC financing to maximize affordability and community impact.

Equity Bridge Loans

Maintain project momentum by accessing capital before equity funds arrive.

Committed to community development since 1987.

For nearly four decades, we’ve focused on one thing: helping you build and preserve affordable housing that has a lasting impact. We believe that housing is more than just a place to live—it’s a foundation for health and well-being.
stearns-bank-affordable-housing-family

Recent Projects

Crossroads Garden-1
Crossroads Garden
Bellevue | 108 Units
Urban convenience meets suburban comfort in this workforce-friendly community.
Shortstack Apartments-1
Shortstack Housing
Portland | 44 Units
A replicable "missing middle" model leveraging mass timber and modular construction.
Coeur DAlene Plaza-1
Coeur D'Alene Plaza
Spokane | 64 Units
100% Housing Choice Voucher (Section 8) housing for Spokane's senior community.
Donna Louise Apartments-1
Donna Louise Apartments
North Las Vegas | 48 Units
Affordable senior housing near a retail center in the growing city of North Las Vegas.

Frequently Asked Questions (FAQ)

What information do I need to provide to begin the process?
To start, you’ll need a project proposal with objectives and timeline, financial details (including budgets and funding sources), developer credentials, and a market analysis demonstrating local demand.

What factors does Stearns Bank consider when evaluating affordable housing projects?
Stearns Bank considers project viability, financial structure, developer experience, and community impact. We look for a strong demand for affordable housing, a sound financial plan, proven developer expertise, and alignment with broader community goals, ensuring each project supports sustainable, impactful development.

Is there a minimum or maximum loan amount for affordable housing projects?
Stearns Bank provides adaptable financing options for affordable housing projects of all sizes.

How large is Stearns Bank’s affordable housing team, and where are your offices located?
Stearns Bank is based in St. Cloud, Minnesota and operates with a dedicated team of four (4) affordable housing finance experts that serve clients nationwide.

Does Stearns Bank lend only to fulfill Community Reinvestment Act (CRA) requirements?
No, our commitment to affordable housing goes beyond CRA requirements. Our investments reflect a dedication to community development and sustainable impact, not merely regulatory obligations. We strive to make a meaningful difference through our support for projects that address housing needs and contribute to long-term community growth.