Permanent Financing Program for Low-Income Housing Tax Credit Properties Program Description: Fixed rate permanent financing for the acquisition or refinancing of existing tax credit properties. Forward permanent loan commitments or credit enhancement for tax-exempt bond financing are also available. Available for properties throughout the United States. Features: Loan Amount: $1,000,000 minimum ($5,000,000 involving tax-exempt financing); $15,000,000 maximum. Larger loans permitted on a case by case basis. Loan Term: 18 year or 25 - 30 year loan terms. Amortization: 30 year amortization. Prepayment: Prepayable in full at any time; subject to a yield maintenance formula. Recourse: Non-recourse, except for standard lender carveouts (waived for 100% LIHTC properties). Borrower: All properties must be owned by a single asset or single purpose entity. Debt Service Coverage: Minimum 115%. Loan to Value: Up to 90% of restricted rental value. Subordinate Financing: Soft secondary financing allowed up to 100% of appraised value. Occupancy: Properties must be 90% physically occupied for 90 consecutive days (at pro-forma rents or higher) prior to loan funding. Assumability: Yes, subject to NYCL approval and the payment of a processing fee and a 1% assumption fee. Reserves: Tax and insurance escrows are required. Replacement reserves and repairs required as determined by the engineer's report. Rate Lock: Rates are fixed ten days prior to closing. For forward commitments, the permanent rate is fixed prior to the start of construction. Application Fee: $15,000. Covers the cost of all third party reports, travel expenses and other out of pocket expenses. Financing Fees: 1% to 2% of the loan amount. Timing: Commitments issued in 60 days or less. Pricing: Contact your NYCL representative for a price quote.