||First mortgage loans and portfolios secured
by affordable multifamily housing projects.
||Affordable rental housing projects with
at least 24 units. Projects may be scattered sites, senior apartments,
affordable assisted living, limited-equity cooperatives, or single-family
rental units. All projects must satisfy Community Reinvestment Act
||$500,000 to $5,000,000
||Terms range from 7 to 30 years. Typically amortization is 30 years.
||Fixed at a spread over the comparable term US Treasury rates.
|Up to 30 months
||Rate lock available for up to 30 months
with additional spread. Forward rate lock must be secured by a combination
of a secured subordinate note and a cash deposit.
|Loan-to-Value Ratio (LTV)
||Up to 85% for new LIHTC projects, lower for
other projects. LTV includes all loans requiring debt service payments. For seasoned projects, LTV is gradually up to 80%.
|Debt Service Coverage Ratio (DSCR)
||Minimum 1.15-1.20:1.00 for LIHTC projects. 1.25:1.00
and higher for non-LIHTC projects, properties with 40 units or less, and other nontraditional projects.
||Released to CDT
||Subordinate financing permitted, subject
to CDT approval and execution of acceptable subordination agreement.
||Standard Fannie Mae documents, including
Security Instrument, Loan Agreement and Note.
||Standard Fannie Mae's prepayment and yield