Housing, Day Programs for the Mentally Challenged. With multiple locations throughout Montgomery County, Pa., Hedwig House, Inc., provides programming and housing for mentally challenged clients.
- A loan for a twin home used as a group home in Pottstown, Montgomery County, Pa. (Loan Pool III – 2/27/2007)
- A loan in 2001 helped set up a 6,469 square foot mixed use commercial and residential building for program space plus housing for five clients in Norristown, Montgomery County, Pa. (Loan Pool I – 1/17/2001)
- A loan made in 2002 opened up administrative space, a clubhouse, and two residential apartments in Ardmore, Montgomery County, Pa. The residential units are occupied Hedwig House clients who have income at 50 percent or less of the area median income. (Loan Pool I – 8/8/2002)
- One in 2002 helped convert two buildings, one in Lansdale, and one in Abington, Montgomery County, Pa.. The 4,204 square foot property in Lansdale is used as a clubhouse and for work-oriented day programs for mentally challenged persons. The 4,072 square foot Abington property is used as meeting rooms and offices for Hedwig House, plus a small residential apartment. (Loan Pool I – 10/24/2002)
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.
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.
Habitat for Humanity of Montgomery County, PA will be able to prepare its new ReStore at 533 Foundry Road in West Norriton for a grand opening in September 2010 thanks to a loan provided by Community Lenders. In addition, the nearly 20,000 sq. ft facility will house Habitat affiliate offices, allowing 10% annual growth, and will also provide space for their construction warehouse and wood shop.
