- The sales price or rents must be affordable to low and moderate income families; or,
- The project must be located in a low or moderate income census tract (You can check an individual address by geocode, on line at (www.ffiec.gov).
- THF will loan up to 90% of the cost of the project or 80% of the value, whichever is less.
- Repayment terms are based on the individual project.
- Rental projects must have a commitment for permanent financing before final approval from THF can be given.
Interest Rates and Fees
Non-profit Developers …………………… Prime plus 1%
For-profit Developers ……………………. Prime plus 2% with a floor of 5.25%
Non-profit loans have a 1/2 percent fee; For-profits pay 1 percent and all borrowers are responsible for paying closing costs.
*Interest Rates and Fees are subject to change.
- Borrower name, address, phone number and previous development experience
- Financial Information on the Borrower
- The purpose of the loan
- Amount requested
- How will the loan be repaid
- Project location
- What collateral will be used to secure the loan
- What term (length) is requested
- Project budgets and plans, if available
Applications may be submitted in person or by fax (615) 780-7001.
Free technical assistance and consultation may be available to assist you with project development and financing options. For further information contact The Housing Fund at (615) 780-7000.