Habitat for Humanity-Spokane says it has secured a loan from the Washington State Housing Finance Commission that will enable the nonprofit to build or rehabilitate twice as many homes annually over the next few years as it normally does.

The $2.5 million loan means the nonprofit will be able to serve roughly 40 to 50 families a year, instead of 15 to 25, the agency says in a press release.

Michone Preston, outreach director for Habitat for Humanity’s statewide organization, is based in Spokane. She also served as CEO for Habitat for Humanity-Spokane from 1995 to 2015.

For three years, she says, Habitat for Humanity of Washington State had been in discussions with the state’s Housing Finance Commission about how to help boost Habitat for Humanity’s efforts to provide housing for low-income residents.

“We’ve been moving at a snail’s pace, building each home one at a time as we raise philanthropic dollars. But this loan infuses our affiliates with cash to start and finish projects,” Preston says.

Habitat for Humanity-Spokane is one of 30 Habitat for Washington affiliates across the state.

The state’s finance commission loaned $5 million to Habitat for Humanity of Washington, which in turn loaned $2.5 million each to the Spokane and Tacoma affiliates during the first quarter of this year.

Habitat for Humanity Washington borrowed the $5 million from the Housing Finance Commission at a 2 percent interest rate. Habitat of Washington then loaned the Spokane and Tacoma organizations $2.5 million each at 3.5 percent interest, Preston says.

Officials hope the loans will spur donors to contribute more money and energize potential volunteers. Habitat for Humanity is an international nonprofit that builds homes sold to low-income families who also contribute to the construction of the house, along with community volunteers.

The loan has accelerated development of Hope Meadows in Deer Park, a 114-home development, which is finishing its first phase of 30 homes this spring. Habitat for Humanity recently broke ground for the second phase of Hope Meadows, Preston says.