|Sponsor Eligibility||For-profit or not-for-profit housing developers
Substantial prior experience and a demonstrated track record of successfully owning and operating multifamily properties.
Minimum of $1 million in liquidity and $5 million in net worth.
|Types of Projects Funded||Existing multifamily residential rental projects with 100 or more units,
a minimum current occupancy rate of 80%
a projected debt coverage ratio of at least 1.30
Properties will generally be ?B? and ?C? class
|Affordability Requirements||Rents for at least 75% of their units affordable to households at or less than 80% AMI|
|Funds Available Per Project||Minimum investment of $1 million and maximum investment of $5 million per project
The Sponsor will be responsible for investing a minimum of 10% ? 20% of the total equity
|Primary Contact||Chris Herrmann
Vice President, Fund Manager
|Link||Click for more information.|