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CDFI Loans
This is a product funded by the CDFI Loan Pool. All properties financed by the CDFI Loan Pool must provide affordable or special needs housing based on the following parameters:
- At least 20% of the units must be either a) occupied by households earning not more than 50% of the area median income for the appropriate MSA or county, or b) serve one or more of the following special need populations: the elderly, the disabled, farm workers, large families, single parent households, individuals in substance abuse recovery programs, individuals that are chronically mentally ill, and individuals requiring assistance in living, or
- At least 40% of the units must be occupied by households earning not more than 60% of the area median income for the appropriate MSA or county, or
- At least 51% of the units must be occupied by households earning not more than 80% of the area median income for the appropriate MSA or county.
In addition to loan commitment approval by the respective NLP loan committee, it is also subject to approval by the contributing government-match loan provider. Currently, the CDFI Loan Pool government match loan providers are:
- City of St. Petersburg
- Hernando County
- Highlands County
- Hillsborough County
- Pasco County
- Pinellas County
- Polk County
- Sarasota County
- Sumter County
The primary loan structure parameters are presented under Lending Guidelines. The following items are specific to the CDFI Loan structure:
- Loan types available for this plan include construction, rehabilitation, and permanent loans.
There is no prepayment premium associated with the CDFI Loan Pool. |
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