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Http://www.michigan. Gov/documents/mshda/ MSHDA-Gap-Financing- NOFA-Update-FINAL_43 5309_7.pdf

MSHDA-Gap-Financing-NOFA-Update-FINAL_435309_7.pdf
Preview of http://www.michigan. gov/documents/mshda/ MSHDA-Gap-Financing- NOFA-Update-FINAL_43 5309_7.pdf
🔗 Source: michigan.gov
📊 Size: 69 KB
👤 Author: irrerj
⬇️ Downloads: 64

Summary

The Michigan State Housing Development Authority (MSHDA) is making available approximately $18 million in funding for gap financing for the "4% LIHTC Direct Lending Program". The funding will be allocated through a public Notice of Funding Availability (NOFA) process, with a projected timeline of 9-12 months. The allocation process will consist of four stages: Preliminary Assessment, Threshold Review, Commitment, and Loan Closing. Gap financing loans will be made as subordinate loans with simple interest at 3% annually, and payments will be deferred until deferred developer fees have been repaid. The minimum capital contribution/deferred developer fee/reduced developer fee from the sponsor may be required based on the soft-to-hard debt ratio. Developments not requiring gap financing from MSHDA or other MSHDA preservation developments not requiring gap financing in excess of what would be recaptured by MSHDA in the event of refinancing may apply for financing at any time and will not be subject to the Notice of Funding Availability process.

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The Michigan State Housing Development Authority (MSHDA) is making available approximately $18 million in funding for gap financing for the "4% LIHTC Direct...

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  • File Format: PDF
  • File Size: 69 KB
  • Pages: 7
  • Language: EN
  • Author: irrerj
  • Total Downloads: 64
  • Last Updated: 2 days ago

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