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Loan Type
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Construction to Permanent Loan, 40-year loan term.
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Borrower
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Single purpose entity limited partnership
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| Site Design |
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141 Studio apartments
- Handicapped accessible
- Access to public transportation
- Amenities: parking, computer training room, laundry facilities, fully furnished units, drug and alcohol free
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Fund Sources
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- Land donation
- Donations
- Tax credits
- VA guaranteed loan
- Federal home loan bank
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- Subordinated debt
- Grant money
- Five percent equity contribution
- Deferred developer fee
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The residential facility will provide at least two case managers in addition to a computer lab. The facility’s case managers will work with the resident veterans to establish a workable course of action to assist in moving the individuals to an independent and sober lifestyle.
The budget for the supportive services is comprised of grant money and donations.
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Direct rent from residents equal to no more than 30 percent of a resident’s gross income in addition to project-based Section 8 rental vouchers on a limited number of apartment units.
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