Types of Loans
Eligible Borrowers: Non-profit organizations or for profit operators with a successful history of acquisition and rehabilitation of single & multi-family residential properties for sale, rental or lease/purchase to low/moderate income households.
Eligible Projects: Single & multi-family residential properties for rehabilitation and sale, rental or lease/purchase to low/moderate income households.
Eligible Transactions: Loan commitment for individually secured advances used to acquire single & multi-family residential properties.
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.
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.
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.