affordable housing financing

Afffordable Housing Small Mortgage Program
For acquisition or refinance of stabilized multifamily properties with rent and income restrictions and / or Section 8 HAP contracts
Lending Area - Nationwide
Fannie Mae and Freddie Mac
Loan Amounts: $1.5 million to $5 million in Baltimore, Boston, Chicago, Los Angeles, New York, Philadelphia, Portland, Sacrmento, San Diego, San Francisco, San Jose, Seattle and Washington DC.
Rate: 6.50% to 9.50% fixed LTV: 80% Term: 10 years Amortization: 30 years Fees: 2 points NO UPFRONT FEE's Recourse: Non-Recourse Assumable: Yes, 1% fee
Requires one of the following: * 20% of all units have rent or income restrictions to households earning no more than 50% of area median income ("AMI") * 40% + of all units have rent or income restrictions in place to households earning no more than 60% of AMI * 20% of all units subject to a project based Section 8 HAP contract Prepayment: 1% minimum yield maintenance or declining schedule Debt Service: 1.20X+ Supplemental mortgages available after 12 months of loan term or with assumption Net Worth: Equal to loan amount and liquidity equal to 6 months P&I required Experience: Must have experience in the past 3 years owning similar sized affordable housing project(s) Deposit: Good Faith Deposit of 1% due upon acceptance of commitment and is refundable upon closing Due Diligence Fee: $15,000 non-refundable for legal, 3rd party reports and processing Closing: 45 - 60 days from complete application and commitment NO UPFRONT FEES, we are paid when your loan is funded at closing