I have a large loan that I'd really like to qualify for CD credit, but I'm struggling to find the "hook." Loan is to purchase an existing warehouse in a downtown urban area (moderate income tract). The warehouse will be completely rehabbed and will be turned into a large multi-family housing complex. At this time, it is unknown if any/all of the units will be considered affordable, as our loan only deals with the purchase of the property.
Housing in this area is a significant issue, like it is in most places. I don't know if just adding additional housing to a LMI area is sufficient to qualify for CD credit, but the loan is $10MM, so I'd really like to make the case. Any help?
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All opinions are my own, not my employer's