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Preservation Revolving Loan Fund Term Sheet

Printable Full Term Sheet

Terms

  • Typical for 9% tax credits: 15-18 years
  • Typical for all other: 25-30 years
  • Note: If the existing Section 515 debt is to be subordinated, the term must match that of the subordinated Section 515 debt.

Fees

  • Origination Fee of 1.5% of the mortgage loan commitment for permanent only financing.
  • Origination Fee of 2.5% of the mortgage loan commitment for construction and permanent financing.
  • 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 the 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

  • Limited to existing multifamily housing with Rural Development Section 515 financing..
  • Eligible borrowers include for-profit or qualified non-profit entities, housing authorities, or other entities meeting criteria established by WHEDA.
  • Preference will be offered to 4% and 9% Low Income Housing Tax Credit (LIHTC) developments preserving the ability of the property to provide safe and affordable housing for very low-, low-, or moderate-income residents.