Eligible Uses:

Short-term financing for the preservation of existing affordable housing projects.

Additional Requirements:

Funds can be used to: Acquire properties, Pay for pre-development activities to help the project reach a permanent financing solution, Pay for construction/rehabilitation costs, In certain situations, funds can be used to cover loan fees, legal expenses, and an interest reserve.

Loan Size:

Up to $3 million.

Terms and Conditions:

Maximum 100% LTV, Up to 36 months, Secured by property; may subordinate, Interest-only payments.