Rental Housing Accessibility Loan

Terms

Up to 10 years or the term of the first mortgage, whichever is less

Up to 10 years or the term of the first mortgage, whichever is less; payment will be monthly

Fees

Origination Fee of 1% of the 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 the 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 or qualified non-profit entities, housing authorities, or other entities meeting criteria established by WHEDA.

Eligible developments include multifamily rental housing in need of rehabilitation that will improve the accessibility features of the development.

Minimum Set-Aside Units

20% of all units set-aside for households with incomes not exceeding 50% of County Median Income (CMI).
Or
40% of all units set-aside for households with incomes not exceeding 60% of CMI.

Total rent plus utilities cannot exceed 30% of the respective CMI levels.

ADA/504 Requirements

Must certify that this loan satisfies a needed ADA or 504 requirement.