Multi-family Property Loan
CCLF offers financing for multi-family and mixed-use facilities with 5 or more units of housing across metropolitan Chicago that help revitalize neighborhoods, promise high social impact, incorporate sustainable design practices and have the potential to leverage significant additional investments from other sources.
Submit a Loan Inquiry-
Mission Parameters
- Borrower must be a developer focused on affordable housing
- Project must be located within the Chicago (IL) metropolitan area
- Project must be in a census tract whose household income is 80% or less of the area median income and/or income of a project end-user does not exceed 100% of the Primary Metropolitan Statistical Area (PMSA)
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Loan Parameters
- Loan term: up to 10 years (Permanent Mortgage Financing)
- Amortization: up to 30 years (interest-only during construction)
- Loan to cost: 100%
- Loan to value: 80% – 120% (sliding scale)
- Debt service coverage ratio: 1.2x – 1.4x (sliding scale)
- Interest rate: 6% – 8%
- Fees: $350 ($250 for nonprofit) application fee; 2% origination fee