I have a loan to a quasi-public agency contracted by the City, whose main mission is community development and economic revitalization, specifically for the benefit of low- and moderate-income households and areas of the city. Government funding is also provided to improve the lives of low- and moderate-income residents through economic development, affordable housing, and social programs.
The loan is a construction loan where the funds will be used to rehab an existing house owned by the quasi-public agency and then sold as Affordable Housing to a low to moderate-income borrower.
Because this loan is secured by Residential Estate, I wanted to know if this is considered a Community Development loan or do I have to report under HMDA.