Multifamily Direct Lending Program Facts
Highlights:
The Texas State Affordable Housing Corporation has funding available through its Multifamily Direct Lending Program. The program targets both new construction and rehabilitation of affordable rental housing. Our funds can be coupled with private activity bonds, housing tax credits and other financing to fill gaps in financing plans.
The Multifamily Direct Lending Program:
- Can provide short-term (24 months) or long-term (30 year) financing;
- Has rates as low as 4.5% for qualified projects; and
- Can be subordinated to other federal or state financing programs.
Overview
The Multifamily Direct Lending Program supports the Corporation’s mission to promote equal access to safe, decent, and affordable housing with an emphasis on serving rural and underserved markets. The program provides long-term financing to non-profit and for-profit developers for the purpose of increasing and preserving the stock of affordable rental housing throughout the state of Texas.
The Corporation only considers proposals for developments involving the acquisition, construction and/or rehabilitation of affordable rental housing projects containing at least 10 housing units located within the state of Texas. Developments may be comprised of scattered-sites, senior apartments, affordable assisted living, limited-equity cooperatives, single-family rental units and other nontraditional multifamily rental housing.
The Corporation combines investments from public and private entities with its own income to provide low cost loans or may act a conduit lender for larger transactions. The Corporation considers loans from $200,000 to more than $2 million based on the availability of funding. Our average loan size is $500,000. The Corporation considers both first lien and subordinate lines of credits.
The Corporation is proud of our investors and financial partners:
Wells Fargo Banks, N.A.
Federal Home Loan Bank of Dallas
Community Development Trust, Inc.
Application Process
The Corporation accepts applications on an ongoing basis. Included below are links to downloadable versions of the program policies and application guide. Borrowers should download and complete the application pursuant to the guidelines included in the application.
Multifamily Direct Lending Program Policies
Multifamily Direct Lending Program Application (pdf)
Multifamily Direct Lending Program Application (Word)
Multifamily Financial Analysis Spreadsheet
For more information and to discuss lending opportunities please contact David Danenfelzer at 512-477-3555 (ext. 403) or at: ddanenfelzer@tsahc.org.
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