Tax-Exempt Bond – Direct Purchase Program
Fixed Rate – Unenhanced
Construction – Permanent
| Program Overview | America First Multifamily Investors provides developers with a cost effective solution for construction and permanent financing of affordable housing properties through the direct purchase of tax exempt bonds. |
| Property Type | Multifamily, Student or Senior Housing properties; for new construction and rehabilitation. |
| Loan Amounts | $5,000,000 minimum (smaller deals considered) |
| Interest Rate | To Be Negotiated prior to Letter of Intent |
| Amortization | New construction: 38 – 40 years Rehabilitation: 33 – 35 years |
| Term | New construction: 40 years Rehabilitation: 35 years |
| Prepayment | Lockout for 10 years from placed-in-service date, thereafter, optional prepayment at par |
| Debt Service Coverage | Sr. Bonds 1.15 Sub. Bonds 1.05 (as defined by the investor) |
| Loan to Value | 90% of appraised value based on market rents and market cap rate |
| Recourse | Unconditional guaranty of construction completion and stabilization, non-recourse thereafter, excluding customary carve-outs |
| Origination Fee | 1.5% of loan amount |
| Application Fee | $20,000; to be applied to third party reports and Legal Expense |
| Contact | Chad Daffer cdaffer@afreg.com (402) 930-3085 Andy Grier |