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# Affordable Housing

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Financing to create and preserve safe, quality affordable housing

Affordable housing projects can be complex and often involve many government, public, and private organizations. We simplify financing for our customers and support the creation and preservation of affordable housing, by bringing all financing aspects together under one roof – construction financing, permanent debt, equity investments, and more.

## Organizations we serve

Non-profit and for-profit developers and investors with a solid net worth, sufficient liquidity, and industry experience.

### Tax credit equity investments

We invest directly in individual projects and with third party syndicators in funds that support affordable housing development for a minimum 15-year investment term.

### Short-term construction and bridge lending

Eligible rental properties usually have the majority of rents at 60% or less of the area median income (AMI).

- Loan term: Up to 30 months
- Loan-to-value (LTV): Up to 80% construction
- Equity is required, but public loans, grants, and Low-Income Housing Tax Credits (LIHTC) investor equity may be substituted for developer equity in some cases

### Permanent loan program

Balance sheet loans for 4% private placement and 9% LIHTC projects, in which WF provides the equity and/or construction financing. Loans remain on balance sheet or are presold to other lenders at conversion.

## Additional Services

### Fannie Mae and Freddie Mac loan programs

Properties must involve 4% or 9% LIHTC, Section 8, Section 236, regulatory agreement, or 80–20 bonds

- Financing is available with new tax credit programs (new 4% or 9% LIHTC) and the preservation of existing affordable housing (acquisition or refinance of property with less than 7 years remaining in 10-year period).

### FHA/HUD loan programs

- Permanent loans have up to a 35 year term and construction-to-permanent loans have up to 40 years. LTV can be up to 90%.

### Loan and investment size

More than $5 million, smaller amounts considered on a case-by-case basis.

For more on Fannie Mae and Freddie Mac loan programs, contact us.

Equal Housing Lender
RO-4972721

LRC-1125

## Property expertise

We have specialized lending groups with specific property expertise ready to help you finance your project.