Preservation Revolving Loan Fund Term Sheet
- 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.
- 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.
- 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.