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 * The Housing Fund * The Enterprise Fund * The IDA Network *

 

Affordable housing is one of the most serious economic and social challenges our communities face. IN partnership with public and private sources CCR strives to provide safe, decent affordable housing choices throughout the Hudson Valley by providing financing that is typically not available from conventional lending institutions at rates and with terms that support affordable housing development. CCR is committed to helping developers overcome financial obstacles and will work collaboratively and creatively to address the funding needs of the affordable housing projects we assist. Download Loan Application as Word Document. Download Loan Application as PDF.


Pre-development loans are intended for use either after acquisition of a project property, or at the time of acquisition.

Feasibility loans are intended for use before a project property has been acquired, and/or to facilitate the procurement of a purchaseoption or a purchase and sales contract. (These loans are available only in Westchester County, at this time.)

Bridge loans are available to help developers maintain cash flow on their projects during the construction phase.

In addition, CCR works with developers to meet special funding needs that their projects may face on a case-by-case basis.

Eligible projects include new construction, rehabilitation, multi-family, single family, mixed use and special needs housing.


•
 Not-for-profit 501(c)3 affordable
  housing development corporations;
•
 Not-for-profit subsidiaries of
  for-profitcorporations, and LIHTC
  partnerships; and,
•
 For-profit affordable housing
  developers
   








•
 Rates will range between 1% and
Prime +3%
•
 Loan fees will range from 0–2%
•
 In general, small not-for-profit
•
 Borrowers will be charged the most
preferential belowmarket rates and
  for-profit borrowers will be charged
  market rates;
•
 Interest and fees may be financed
  as a part of the total loan amount.



•
 Typical loan term is 3 years;
•
 Extensions and amendments will be
considered;
•
 A fee will be charged for each
  extension and/or amendment;
•
 Repayment is typically required at the
  time of construction loan closing
  (except for bridge loans).
•
 Security/collateral required for the
  loans
•
 Unsecured loans are possible.

 

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