minimum $3 million

80% to 85% (using restricted rents and market capitalization rate) *

1.15x to 1.25x *

18 to 30 years

* Where 100% of the units are restricted and restricted rents are at least 10% below market, higher LTV and lower DSC requirements may be used. Where less than 100% of units are restricted, rents are not less than 10% below market, or amount of equity generated from tax credits is minimal, lower LTV and higher DSC parameters are applied.

fully assumable with lender’s consent and 1% fee

15 to 30 year Fixed, 10-15 years yield maintenance; thereafter 1%; last 90 days at par

• Minimum of 40% of the units available to families earning 60% of median or less; or 20% of the units available to families earning 50% of median or less. Income limits adjusted for family size.
• Minimum occupancy of 90% or better for three consecutive months prior to rate lock. Processing may begin as early as 50% occupancy.