Preservation Rehabilitation Financing

Borrowers looking to renovate an affordable multifamily property with financing for the moderate rehabilitation of affordable properties with new Low-Income Housing Tax Credits (LIHTCs).

Garden, mid-rise, or high-rise multifamily properties with new 4% Low-Income Housing Tax Credit (LIHTC) undergoing moderate rehabilitation with tenants in place.

• Minimum term: Remaining LIHTC compliance period or 15 years, whichever is less; 15 years with HUD Risk Sharing.
• Maximum term: 35 years.
• Rehabilitation/stabilization period (maximum of 24 months) will be included in loan term.

Tax-exempt financing for the moderate rehabilitation of affordable multifamily properties with a new 4% LIHTC and tenants in place.

Tax-exempt financing for acquisition/rehabilitation based on projected post-rehabilitation net operating income (NOI); cash or letter of credit collateral required to fund gap between supportable debt on current NOI and bond mortgage loan amount (collateral held until stabilization); interest-only during the rehabilitation/stabilization period.

• Variable rate with cap hedge: 1.20x.
• Fixed rate: 1.15x.

• Variable rate with cap hedge: 80% of adjusted value or 85% of market value.
• Fixed rate: 85% of adjusted value or 90% of market value.

40 years.

Fee maintenance.

Permitted.

Required.

Application fee, commitment fee, plus other fees, as applicable.

Borrowers looking to renovate an affordable multifamily property with financing for the moderate rehabilitation of affordable properties with new Low-Income Housing Tax Credits (LIHTCs).

Garden, mid-rise, or high-rise multifamily properties with new 9% LIHTC that are undergoing moderate rehabilitation with tenants in place.

• Minimum term: Lesser of 15 years or the remaining LIHTC compliance period; 15 years with HUD Risk Sharing.
• Maximum term: 35 years.
• Rehabilitation/stabilization period (maximum of 24 months) will be included in loan term.

Financing for the moderate rehabilitation of affordable multifamily properties with a new 9% LIHTC and tenants in place.

Financing for acquisition/rehabilitation based on projected post-rehabilitation NOI; cash or letter of credit collateral required to fund gap between supportable debt on current NOI and loan amount (collateral held until stabilization); interest-only during the rehabilitation/stabilization period.

New tax credits: 1.15x.

90% of market value.

40 years.

Yield maintenance.

Permitted.

Required.

Application fee, commitment fee, plus other fees, as applicable.

Borrowers looking to renovate an affordable multifamily property with financing for the moderate rehabilitation of Non-LIHTC affordable properties that are otherwise restricted by Section 8 HAP or with long term rent restrictions via a state/local program or through Freddie Mac Preservation.

Garden, midrise, or high-rise multifamily properties undergoing moderate rehabilitation with tenants in place.

• Minimum term: 5 years
• Maximum term: 15 years.
• Rehabilitation/stabilization period (maximum of 24 months) will be included in loan term.

Financing for the moderate rehabilitation of Non-LIHTC affordable multifamily properties that have tenants in place.

Financing for acquisition/ rehabilitation based on projected post-rehabilitation NOi; cash or letter of credit collateral required to fund gap between supportable debt on current NOi and loan amount (collateral held until stabilization); interest-only during the rehabilitation/stabilization period.

Fixed rate: l.25x.

80% of market value.

Up to 35 years, depending on the market. Please contact your relationship manager to discuss.

Yield maintenance.

Permitted.

Required.

Application fee, commitment fee, plus other fees, as applicable.