Housing Loans

Predevelopment loans are short-term, usually the first dollars into a project, and often the most difficult type of financing to access because they cover expenses accrued even before construction begins. Such soft costs include: land or building acquisition, site stabilization, interim maintenance, environmental surveys, appraisals, taxes, insurance coverage, as well as legal, architectural and consultant fees.

Criteria

• MAXIMUM LOAN-TO-VALUE: 100%
• TERM OF LOAN: 2-year maximum
• INTEREST RATE: 7-9%
• REPAYMENT: Monthly interest-only payments
• POINTS: Up to 2 points
• APPLICATION FEES: $350 ($250 for nonprofits)
• FEES: Normal closing costs apply
• ESCROW DISBURSEMENT: Required on all loans exceeding $5,000
• SECURITY: First mortgage (valid first lien on property) preferred and / or combination of first or second position lien on property along with guarantees, cash collateral, Letters of Credit, first or second position lien on other property and so forth
• OTHER: Applicant must accept CCLF technical assistance where applicable

Eligibility

• PROPERTY RESTRICTIONS: Project must be located in the six-county (Cook, DuPage, Kane, Lake, McHenry, Will) Chicago metropolitan area
• BORROWER RESTRICTIONS: Must be a nonprofit, for-profit/nonprofit joint venture, for-profit subsidiary of a nonprofit, housing or business cooperative, or a small to mid-size, mission-driven for-profit entity
• Must be engaged in community-based housing, economic development or social service facility project that will serve or benefit low- to moderate-income people and / or communities

Custom mortgage products for limited-equity or low-income housing cooperatives.

Criteria

• MAXIMUM LOAN-TO-VALUE: 80-100%
• TERM OF LOAN: Up to 15 years
• AMORITIZATION: 30 year maximum
• INTEREST RATE: 6-9%
• REPAYMENT: Monthly principal and interest with balloon at maturity or fully amortizing, where possible
• POINTS: Up to 2 points
• APPLICATION FEE: $350 ($250 for nonprofits)
• FEES: Normal closing costs apply
• ESCROW DISBURSEMENT: Required on all loans exceeding $5,000
• SECURITY: First mortgage (valid first lien on property) preferred and / or combination of first or second position lien on property along with guarantees, cash collateral, Letters of Credit, first or second position lien on other property and so forth
• OTHER: Technical assistance from cooperative housing trade association and / or CCLF is generally required

Eligibility

• PROPERTY RESTRICTIONS: Project must be located in the six-county (Cook, DuPage, Kane, Lake, McHenry, Will) Chicago metropolitan area
• BORROWER RESTRICTIONS: Must be a housing cooperative organization, nonprofit or limited liability corporation. Income of end-users must not exceed 120% of Area Median Income (AMI).

Visit CCLF’s Housing Cooperative website to learn more by clicking here.

Mortgage products that finance the acquisition of properties for nonprofit organizations engaged in community-based social service, housing, or economic development projects.

Criteria

• MAXIMUM LOAN-TO-VALUE: 100%
• TERM OF LOAN: 15-year maximum
• AMORITIZATION: 30-year maximum
• INTEREST RATE: 6-9%
• REPAYMENT: Monthly principal and interest with balloon at maturity
• POINTS: Up to 2 points
• APPLICATION FEES: $350 ($250 for nonprofits)
• FEES: Normal closings costs apply
• ESCROW DISBURSEMENT: Required on all loans exceeding $5,000
• SECURITY: First mortgage (valid first lien on property) preferred and / or combination of first or second position lien on property along with guarantees, cash collateral, Letters of Credit, first or second position lien on other property and so forth
• OTHER: Applicant must accept CCLF technical assistance where applicable

Eligibility

• PROPERTY RESTRICTIONS: Project must be located in the six-county (Cook, DuPage, Kane, Lake, McHenry, Will) Chicago metropolitan area
• BORROWER RESTRICTIONS: Must be a nonprofit, for-profit/nonprofit joint venture, for-profit subsidiary of a nonprofit, housing or business cooperative, or a small to mid-size, mission-driven for-profit entity
• Must be engaged in community-based housing, economic development or social service facility project that will serve or benefit low- to moderate-income people and / or communities.

Mortgage products that finance the acquisition of properties for nonprofit organizations engaged in community-based social service, housing, or economic development projects.

Criteria

• MAXIMUM LOAN-TO-VALUE: 100%
• TERM OF LOAN: 20-year maximum
• AMORITIZATION: 30-year maximum
• INTEREST RATE: 6-9%
• REPAYMENT: Monthly principal and interest with balloon at maturity
• POINTS: Up to 2 points
• APPLICATION FEES: $350 ($250 for nonprofits)
• FEES: Normal closings costs apply
• SECURITY: First mortgage (valid first lien on property) preferred and / or combination of first or second position lien on property along with guarantees, cash collateral, Letters of Credit, first or second position lien on other property and so forth
• OTHER: Applicant must accept CCLF technical assistance where applicable

Eligibility

• PROPERTY RESTRICTIONS: Project must be located in the six-county (Cook, DuPage, Kane, Lake, McHenry, Will) Chicago metropolitan area
• BORROWER RESTRICTIONS: Must be a nonprofit, for-profit/nonprofit joint venture, for-profit subsidiary of a nonprofit, housing or business cooperative, or a small to mid-size, mission-driven for-profit entity
• Must be engaged in community-based housing, economic development or social service facility project that will serve or benefit low- to moderate-income people and / or communities.