Loan Pool for Low-Income House Tax Credit Loans (LIHTC)
Loans for multi-family rental properties utilizing LIHTC's have been a core product for NLP from its inception and these loans are crucial to NLP continuing to fulfill its mission and provide high quality housing to Florida's under-served residents and loan opportunities to our Member Banks. NLP, the State of Florida, our Member financial institutions, and our low- and moderate-income developers and future residents greatly benefit by NLP's membership creating the LIHTC loan fund. This statewide pool is non-revolving and the commitment to participate will be for a two year term and is utilized for loan originations and funding for LIHTC construction and permanent loans. This pool retains the benefit of the Community Financial Institution Fund programs ("CDFI Programs") and since such loans would be considered community development loans all banks would receive CRA credit for participation in such LIHTC loans regardless of location within the State of Florida.
A new pool is under development. Keep looking for more details over the next few weeks.
The Fountains at Millenia was financed by NLP and is a $10 million LIHTC perm loan transaction located in Orlando, Florida.
On the south side of Dallas, Nena Eldridge lives in a sparse but spotless bungalow on a dusty lot. At $550 each month, her rent is just about the cheapest she could find in the city.
After an injury left her unable to work, the only income she receives is a $780 monthly disability check. So she has to make tough financial choices, like living without running water...