Eligible Borrowers: Non-profit organizations or for profit operators with a successful history of acquisition of single and multi-family residential properties for rental or lease/purchase to low/moderate income households.
Eligible Projects: Single and multi family residential properties for rental or lease/purchase to low/moderate income households.
Eligible Transactions: Loan commitment for individually secured advances used to acquire residential properties low/moderate income areas.
Security: The loan will be served by a first mortgage against land and improvements. Other recorded agreements or restrictions must be subordinated.
More: There is no minimum loan size. If the property is to be rented, it must be affordable for the life of the loan. Loan terms are up to 30 years. There is a $500 non-refundable application fee due upon submission of application. Commitment, loan and legal fees are paid by the borrower. An appraisal commissioned by Community Lenders is a prerequisite for commitment, the cost of which is paid by the borrower. Most single-family residential properties will not need an environmental assessment unless a higher than normal environmental risk is suspected through review of the appraisal report, property reports, or other information known about the property.