Housing
Multi-Family Housing Revenue Bond Product
Description:
Provides long-term, low-cost capital to experienced commercial and 501(c)(3)
not-for-profit developers for the acquisition, renovation, rehabilitation or
construction of multi-family rental housing for low and moderate income
households, including the elderly and disabled.
Benefits:
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Facilitates sub-prime interest rate
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Facilitates 4% Low Income Housing Tax Credit eligibility
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Choice of variable or fixed tax-exempt interest rate
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Up to 100% financing (subject to lender approval)
Type of Financing:
Tax-exempt bonds for the acquisition, rehabilitation and construction of
apartment buildings.
Eligibility:
Developer must satisfy customary unit and income tests established for federal
housing programs. A minimum of either (1) 20% of the units must be set aside
for individuals earning no more than 50% of area median income, or (2) 40% of
the units must be set aside for individuals earning no more than 60% of area
median income.
Fee:
For projects that are not 100% owned by a 501(c)(3) corporation:
A non-refundable application fee is due upon submission. Fees are charged at
closing for transactions using Volume Cap or transferred Volume Cap, for
refundings, and for issuance of taxable bonds. The borrower pays IFA's outside
legal costs. IFA does not charge an annual fee. Complete details are available
from your IFA Funding Manager.
For projects 100% owned by 501(c)(3) corporations:
IFA's fees for 501(c)(3) Revenue Bond Program apply. Ask your IFA Funding
Manager for details.
Contact:
Chicago office: 312.651.1300
Springfield office: 217.782.5792
Peoria office:
309.495.5959
Mt. Vernon office: 618.244.2424
Application:
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