Posted By: Lori01
CDL credit on part low income building - 09/11/17 05:37 PM
We did 75% of the financing for a mixed use multifamily building in a middle income tract. 9% was financed by a Community Loan Fund and 13% was owner equity.3% of additional funds were provided by state government to revitalize a brown field.
Per zoning regulations 13% of the building will be designated for low income renters. This property is considered the “gateway to the city†and abuts several moderate income neighborhoods, the property is in a middle income tract.
Question #1: Can I consider 13% of the funds we provided to be a CDL since that’s the percent of the building that will be low income?
Question #2: Do I have a prayer of including the whole amount if I put the whole thing in as a type 3 “other†and present at my exam?
Per zoning regulations 13% of the building will be designated for low income renters. This property is considered the “gateway to the city†and abuts several moderate income neighborhoods, the property is in a middle income tract.
Question #1: Can I consider 13% of the funds we provided to be a CDL since that’s the percent of the building that will be low income?
Question #2: Do I have a prayer of including the whole amount if I put the whole thing in as a type 3 “other†and present at my exam?