| Product Description |
Forward commitment for new construction or substantial rehabilitation of affordable multifamily properties with 4% LIHTC |
Financing for the acquisition or refinance of stabilized affordable multifamily properties with 4% LIHTC |
Financing for the moderate rehabilitation (with tenants in place) of affordable multifamily properties with 4% LIHTC |
| Type of Funding |
Funded and unfunded forward financing available |
Credit enhancement for fixed- or variable-rate tax-exempt bonds |
Up front proceeds available during mod rehab period (max 24 months); full proceeds available at closing |
| Eligible Properties |
To-be-built or substantially rehabilitated garden, mid-rise or high-rise multifamily properties that have received an allocation for tax-exempt bond financing |
Garden, mid-rise or high-rise multifamily properties that meet affordability criteria and with 90% occupancy for 90 days |
Garden, mid-rise or high-rise multifamily properties with 4% LIHTC undergoing moderate rehabilitation with tenants in place |
| Minimum Debt Coverage Ratio |
1.15x |
1.15x |
1.15x |
| Maximum Loan-to-Value |
Variable-rate: 80% of adjusted value or 85% of market value
Fixed-rate: > 90% LIHTC units: 90% of adjusted or market value; < 90% LIHTC units: 85% of adjusted or market value |
Variable-rate: 80% of adjusted value or 85% of market value
Fixed-rate: > 90% LIHTC units: 90% of adjusted or market value; < 90% LIHTC units: 85% of adjusted or market value |
Variable-rate: 80% of adjusted value or 85% of market value
Fixed-rate: > 90% LIHTC units: 90% of adjusted or market value; < 90% LIHTC units: 85% of adjusted or market value |
| Loan Term |
Forward: 12, 18, 24, 30, or 36 months
Permanent: 18 to 30 years beyond construction |
15 to 40 years |
Minimum is equal to the remaining tax-credit compliance period; 40 year maximum |
| Maximum Amortization |
35 years |
35 years |
35 years |
| Prepayment Provisions |
Fee Maintenance |
Fee Maintenance |
Fee Maintenance |
| Subordinate Financing |
Available |
Available |
Available |
| Fees |
Refundable:
Funded – 1% of max loan amount
Unfunded – 2% of proposed credit enhancement amount
Non-refundable: Application fee, extension fee, delivery assurance fee, legal fees |
Non-refundable:
Application fee, extension fee, delivery assurance fee, legal fees |
Non-refundable:
Application fee, extension fee, delivery assurance fee, legal fees |
| Application Fee |
The greater of $3,000 or 0.1% of the maximum loan amount |
The greater of $3,000 or 0.1% of the maximum loan amount |
The greater of $3,000 or 0.1% of the maximum loan amount |
| Tax and Insurance Escrows |
Required per Delegated
TAH Guide on AllRegs® |
Required per Delegated
TAH Guide on AllRegs® |
Required per Delegated
TAH Guide on AllRegs® |
