Eligible Borrowers: Non-profit organizations, for-profit housing developers, partnerships, local government agencies and individuals.
Eligible Projects: Community redevelopment and revitalization projects, which offer a clear public benefit containing both housing and commercial space.
Eligible Transactions: Permanent loans for acquisition, preservation, post-construction, and/or post-rehabilitation.
Security: First mortgage against land and improvements. Assignment of leases, rents, and other appropriate collateral required. Other recorded agreements or restrictions must be subordinated.
More: Loan terms are for 25 or 30 years, depending upon the percentage of use type for the project. A $500 non-refundable application fee is due upon submission of application. Commitment, loan, appraisal, and legal fees may apply. Depending upon the size of the loan, an environmental site assessment may be required.