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  • 7/10 Flex Financing

    Printable full term sheet

    Terms

    • 30 year maximum term
    • 30 year maximum amortization

    Fees

    Origination Fee of 1.5% of mortgage loan commitment amount.

    Loan Structuring Fee (non-refundable) of one-half of the origination fee is payable upon acceptance of the Mortgage Loan Commitment; this fee is credited toward the loan origination fee at closing.

    Application Fee of $250 for developments of 24 units or fewer, or $500 for developments of 25 units or more.

    Fees are subject to periodic review and change.

    Eligibility

    • Eligible borrowers include for-profit, qualified non-profits, housing authorities, or other entities meeting criteria established by WHEDA.
    • Eligible developments  must be residential rental housing for families, elderly, or people with disabilities. 
      • Eligible developments include:
        • Apartments, including townhouses
        • Developments may contain up to 25% commercial space, measured by a percentage of lease income
        • Developments with new allocations of LIHTC are not eligible
      • Developments may be for:
        • New Construction
        • Acquisition with rehabilitation of an existing building
        • Refinance of an existing development

    Minimum Set-Aside Units

    20% of all units set-aside for households with incomes not exceeding 80% of County Median Income (CMI).

    Total rent plus utilities cannot exceed 30% of the respective CMI levels.