Bond Credit Enhancement with Other Affordability Components
A credit enhancement program for fixed- or variable-rate multifamily housing bonds including bond refundings, substitutions, or new issue transactions with 80-20 bonds, combination bonds, 501(c)(3) bonds, Section 8, Section 236 or tax abatements.
Summary | |
Eligible Transactions | New credit enhancement facility or replacement of existing credit enhancement facility for tax-exempt bonds for refundings, substitutions and acquisitions |
Eligible Properties | Garden, mid-rise and high-rise multifamily properties with minimum occupancies of 90% for 90 consecutive days |
Term | 10 - 30 years |
Max Amortization | 30 years |
Min DSCR DSCR Calculator | 1.15x |
Max LTV | 90% |
Prepayment | Fee maintenance required |
Subordinate Debt | Permitted |
Recourse | Non-recourse |
Appraisal, Environmental, and Engineering Report | Required |
Property and Real Estate Tax Escrow | Required |
Freddie Mac Affordable Housing Loans
Affordable Housing Mortgages