A New Theater in Downtown Pottstown. A loan to Village Productions paid off the construction loan for a new theater facility in Pottstown, Pa., which opened in December 2008. The nonprofit Tri County Performing Arts Center is a black box theater with two world-renowned artists as honorary co-chairs—singer and songwriter Daryl Hall of Hall & Oates, and Romero Britto, a contemporary Miami painter and sculptor. (Loan Pool III – 12/23/2008)

We know that the people who serve low- and moderate-income individuals might not have the resources or know-how to put together a financial package for the building they need.

We also know that putting together a package for a redevelopment program involves multiple financial instruments and partners.

When you call Community Lenders, you are calling on the professional resources of more than two dozen community banks whose own success depends on your success. We also know and work daily with numerous economic development entities throughout Southeastern Pennsylvania. So we can both tell you how we can help, and direct you to others who may partner with you in your efforts.

When we review your loan application, we look for the following:

• Market feasibility—Do you have information that demonstrates your need?
• Financial feasibility—Do you have financial documents that demonstrate your ability to repay the loaned amount?
• Participation of other investors and financing resources, if applicable. Do you have other financial partners? If you already bank with a Community Lenders member bank, let us know who to contact.
• Track record and capacity of development and management teams. Can you illustrate similar work with this organization or management experience with others?
• Conformance to all applicable environmental, zoning, and building regulations. Have you presented your plans, formally or informally with municipal officials to confirm compliance?

Even if you aren’t ready with all of this information, please give us a call: We may be able to help you complete your preparation and speed the process along.

Eligible Borrowers: Non-profit organizations, for-profit housing developers, partnerships, local government agencies and individuals are eligible for these loans.

Eligible Projects: Community redevelopment and revitalization projects, which offer a clear public benefit.

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: Community Development loans have a maximum term of up to 25 years. There is a $500 application fee, which is non-refundable and due upon submission of the application. Commitment, loan, appraisal, and legal fees are paid by the borrower.

NorthStar Property Corporation of PA was able to refinance a loan on a building that houses the administrative offices for NorthStar Youth Services. NorthStar Youth Services provides a community home program for dependent children. Children are provided with counseling and other services, attend public school, and are encouraged to participate in school activities. When possible, the agency also facilitates the return of children in their program to families or relatives. At the time of the loan, there were 68 youths between the ages of 8 and 17 in the community home program.