7/10 Flex Financing
Terms
- 30 year maximum term
- 30 year maximum amortization
Fees
Origination Fee of 1.5% of mortgage loan commitment amount.
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 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.
Eligibility
- Eligible borrowers include for-profit, qualified non-profits, housing authorities, or other entities meeting criteria established by WHEDA.
- Eligible developments must be residential rental housing for families, elderly, or people with disabilities.
- Eligible developments include:
- Apartments, including townhouses
- Developments may contain up to 25% commercial space, measured by a percentage of lease income
- Developments with new allocations of LIHTC are not eligible
- Developments may be for:
- New Construction
- Acquisition with rehabilitation of an existing building
- Refinance of an existing development
- Eligible developments include:
Minimum Set-Aside Units
20% of all units set-aside for households with incomes not exceeding 80% of County Median Income (CMI).
Total rent plus utilities cannot exceed 30% of the respective CMI levels.