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FAQ

How did OpenDoor get started?
The OpenDoor Housing Fund was formed in July 2007 through the merger of the Washington Area Housing Trust Fund and the Unitarian Universalist Affordable Housing Corporation. OpenDoor is a locally controlled, affordable housing loan fund with board members who live and work in this region. OpenDoor is keeping alive its strong connections to faith-based institutions and to local governments.

How does OpenDoor determine if a project will meet their lending guidelines?
OpenDoor’s lending staff work with borrowers to determine if a project fits within OpenDoor’s lending guidelines and mission. Borrowers must demonstrate that project loans will be repaid Most loans are secured by real estate but OpenDoor is also willing to consider making unsecured predevelopment loans to borrowers with strong track records.

Where does OpenDoor get the money they lend?
OpenDoor relies on loans from individuals, governments, organizations and businesses committed to positive change in our communities. OpenDoor’s goal is to create or preserve 5,000 homes in the next five years for working families and residents with special housing needs. To reach our goal, we need committed investors who share our vision. Currently, we have more than 270 institutional, individual, UU Congregation and other faith-based OpenDoor supporters. Investments are tax-deductible and provide investors with a guaranteed interest rate (unless you choose to forego it).  Simply click on the Invest/Donate button to learn how to invest.

Is there a minimum investment? How should I determine how much to invest?
OpenDoor has a minimum investment amount of $2,000, however, donations of any size will be accepted. Individual investments range from $2,000 to $50,000. Interest paid on these investments is capped at 3%.  Investors that are willing to forego any interest help support the operations of the organization and ease the administrative burden associated with an investment. Institutional investments range from $2,000 to $9 million.

Who do I contact for more information?
Call (301) 588-5533 or email info@opendoorhousing.org.


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