Lending to support the development of affordable housing is the core of MHCLF’s role in the community. Since 2000, MHCLF has approved nearly $60 million in loans for the development and preservation of affordable housing for sale and multi-family rental housing throughout Colorado.
MHCLF makes loans to non-profit housing development organizations, housing authorities and mission compatible for-profit affordable housing developers.
Through loan participations with other local, regional and national community development lenders, MHCLF can meet the financing needs of borrowers well beyond the $1 million internal loan lending limit.
MHCLF has adapted its products to meet borrowers’ financing needs in a complex market environment. MHCLF uses a “high touch” approach to lending and routinely operates outside the margins of mainstream finance to leverage its resources and fill difficult financing gaps.
Affordable Housing Developers that are:
- Non-profit community development corporations
- Non-profit service providers
- Local Housing Authorities
- Mission compatibleprivate developers
Use of funds:
- Predevelopment expenses
- Real Estate acquisition
- Construction including rehabilitation and energy efficiency upgrades
- Bridge financing
- Mini-perm financing
Rates and Terms:
- Interest rate varies with depth of affordability and risk profile
- Origination fee of 1-2%
- Up to 36 months; mini-perms up to 7 years
- Real estate collateral required (except certain predevelopment loans)