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The multifamily loans will be structured as second mortgage loans used as "gap financing" . These loans will be provided to non-profit and for profit multifamily developers offering affordable rental workforce housing units. The loan amount will not exceed the lesser of $25,000 per unit or
twenty percent (20%) or the capital expenditures (excluding fees paid to a developer or its affiliates).
Funds may be used in conjunction with conventional financing, bond financing, or other private/ public financing to construct and / or rehab multifamily residential housing, finance predevelopment, and site development cost.
Qualified applicants will apply for loans through URFA's application process. Borrowers must meet URFA's underwriting criteria and demonstrate creditworthiness. Upon approval by URFA, loans will be submitted to AHOC for final approval and funding.
URFA has consolidated the Tax Exempt Bond application with the Housing Opportunity Bond application for multifamily developers and CHDOs. This revised application is available at the link below and the applicant will notice an adjustment to the asset management fees in the revised application for the Tax Exempt Bond.
2012 Developer Funding Descriptions
The NEW 2012 Exploratory Application for Funding
(Excel Based)
For More Information Contact:
Rasheed Bracey
Housing Finance Program Manager,
404-614-8290
rbracey@investatlanta.com
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