Newtown Savings Bank
People’s United Bank
Savings Bank of Danbury
Union Savings Bank
BUY, BUILD, AND REHAB WITH HDF
Since 1989, HDF has financed a wide variety of commercial real estate throughout the state of Connecticut using our Multifamily Loan Fund consortium. These commercial projects have generated over 1,300 affordable housing units, revitalizing neighborhoods while leveraging federal, state, and local subsidies.
OUR LOAN PRODUCTS
HDF offers competitive interest rates with amortizations of up to 30 years. We support a Loan to Value of up to 90% and a Debt Service Coverage Ratio of at least 1.10X. Loan Products include:
· Predevelopment Loans with terms between one to two years
· Acquisition/Rehabilitation Loans with terms up to two years
· Construction Loans with terms up to two years
· Mini-Permanent Loans with terms up to ten years
· Permanent Loans with terms up to thirty years
· Bridge Loans with terms up to two years which bridge public subsidy sources and low-income housing tax credits
· Lines of Credit
REQUIREMENTS FOR AFFORDABLE HOUSING
Each HDF project integrates affordable housing in varying amounts and capacities. Unit requirements vary depending on where your project is located, ranging from 30% to 100% of your total units.
Connecticut Community Bank
Laurel Road Bank
First County Bank
First Republic Bank
M & T Bank
CHECK YOUR ELIGIBILITY
Eligible projects include subsidized affordable housing, special needs and supportive housing, mixed income housing, as well as mixed-use projects with residential as the main use. Rehabilitation and new construction projects for both homeownership and rental purposes may also be eligible.
Eligible borrowers include experienced non-profit affordable housing developers, Housing Authorities, and private developers of all sizes. The borrower’s financial condition, collateral, and ability to repay are equally important components in the underwriting process.
HDF Is Willing To Work With You If You Are New To Commercial Real Estate Ownership. We Provide Technical Assistance To Determine If Ownership Is Right For You.
Interested in starting the HDF Commercial
Loan Process? Visit our website at hdfconnects.org/borrow/multi or contact
Brandon Oldham, our Senior Commercial
Loan Officer, 203-969-1830 ext. 2012.
CONSORTIUM MEMBER BANKS
HDF’s Multifamily Loan Fund is a consortium of eleven banks brought together to finance affordable housing projects throughout Connecticut.
Thinking of owning commercial real estate in Connecticut? If you’re interested in buying or building rental or condo units, HDF’s Multifamily Loan Fund can help you achieve your goals.
HDF IN CONNECTICUT
Income limits represent 100% median family income based on the most recent FFIEC data. These income limits are used to determine tenant eligibility for HDF’s Multifamily Loan Program. Tenants with Section 8 certificates are also eligible. Depending on where the property is located, at least 30% of the residential units must be affordable and available to income eligible tenants.
For more information, visit our website at www.hdfconnects.org/borrow/multi