Affordable Housing Trust Programs
There are several Affordable Housing trust Fund programs throughout the nation including Illinois, California, Massachusetts, Maryland along with many cities and a new National Affordable Housing Trust created by the HERA bill of 2008. There are over 300 trust funds throughout the U.S. The funding for the Trusts are established from state, federal and local taxes as well as linkage fees that are charged to developers who do not build in affordable units in new projects.
The Trust funds are generally allocated through a specific purpose and are usually soft loans, subordinate to conventional or bond debt. The repayment of these funds vary, but most commonly are cash flow notes at a low interest rate and can be forgiven upon completion of the compliance period.
The application process for these funds varies from each allocating agency, but carry significant income guideline requirements and are a good source for gap funding.
To find out more about how you can use Affordable Housing Trust Programs and other government programs for your deals, pick up a copy of Government Deal Funding for Real Estate Investors and Developers.
The Trust funds are generally allocated through a specific purpose and are usually soft loans, subordinate to conventional or bond debt. The repayment of these funds vary, but most commonly are cash flow notes at a low interest rate and can be forgiven upon completion of the compliance period.
The application process for these funds varies from each allocating agency, but carry significant income guideline requirements and are a good source for gap funding.
To find out more about how you can use Affordable Housing Trust Programs and other government programs for your deals, pick up a copy of Government Deal Funding for Real Estate Investors and Developers.
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