Facebook image
Skip navigation


Tax-Exempt Bond Loan Fixed Rate Term Sheet

Printable full term sheet


  • 35 year maximum term
  • 35 year maximum amortization


  • Origination Fees are 1.5%  of mortgage loan commitment amount for permanent financing only. 2.5% of the mortgage loan commitment amount for WHEDA construction financing with permanent financing.
  • Loan Structuring Fee (non-refundable) is one half of the origination fee, payable upon acceptance of the Mortgage Loan Commitment Letter; this fee is credited toward the loan origination fee at closing.
  • Application Fee is $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.


  • 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. Each rental unit must be complete and include separate tenant spaces for living, sleeping, cooking, eating, and sanitation. Shared tenant spaces are allowed only if the Borrower is a qualified 501(c) (3) corporation.
  • Eligible developments include:
    • Apartments, including townhouses
    • Retirement centers
    • Residential care apartment complexes (RCACs)
    • Community-based residential facilities (CBRFs)
    • And other housing types permitted by the Internal Revenue Code
  • Developments may be for:
    • New construction
    • Acquisition with rehabilitation of an existing building (The value of rehabilitation and essential equipment must equal or exceed 15% of that portion of the cost of building and fixtures financed with bonds)
    • Refinance of an existing development for qualified 501(c) (3) non-profits

Minimum Set-Aside Units

20% of all units set-aside for households with incomes not exceeding 50% of County Median Income (CMI).
40% of all units set-aside for households with incomes not exceeding 60% of CMI.

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

How to Use Tax-Exempt Bond Financing

  • Consider your market. A market study helps you assess the market you are considering; will it work or not? Prepare according to the guidelines in Appendix A.  
  • Looking to finance an existing multifamily property? A capital needs assessment identifies and quantifies a building's current physical condition and future physical and financial needs. Find a provider and prepare according to the guidelines
  • Talk to a Commercial Lending Officer (CLO) regarding any pre-application issues. 
  • Complete an application and send it to WHEDA, along with the application fee. Use the application checklist when completing your application package. 
  • Your application will be reviewed and a CLO will contact you within 4-5 days upon receipt.