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#2261802 - 10/28/21 08:41 PM Converting Warehouse to Multi-Family
TMatt87 Offline
Diamond Poster
TMatt87
Joined: May 2011
Posts: 1,984
Idaho
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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#2261820 - 10/29/21 01:00 PM Re: Converting Warehouse to Multi-Family TMatt87
Lori01 Offline
100 Club
Joined: Jan 2007
Posts: 175
VT
Any chance the building is considered blighted? Has it been vacant for a long time and is "bringing down" the neighborhood? A loan to repurpose the building might be considered CD because it will "revitalize or stabilize a LMI geography".

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