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#1975544 - 11/10/14 08:29 PM Community Development Loan Eligibility
FancyMe Offline
Junior Member
Joined: Dec 2012
Posts: 45
We have a new construction loan of a 194 unit multi-family residential apartment building with approx 174,000 sq ft of rentable space. in a middle income census tract and the rents are higher than average for the unit sizes. Based on the new construction piece - would this qualify as a CDL loan - as it will create many jobs for lower income workers?

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#1975547 - 11/10/14 08:37 PM Re: Community Development Loan Eligibility FancyMe
Kathleen O. Blanchard Offline

10K Club
Kathleen O. Blanchard
Joined: Dec 2000
Posts: 21,281
Unfortunately, temporary construction loans are not counted for CRA. The emphasis is on permanent jobs. This is discussed in the Interagency Q and A.
Kathleen O. Blanchard, CRCM "Kaybee"
HMDA/CRA Training/Consulting/Mapping
The HMDA Academy

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