The Illinois Housing Development Authority (IHDA) is now accepting applications for their Affordable Advantage Mortgage. The mortgage was developed to address issues in the marketplace for first mortgage financing of low and moderate- income projects. Affordable Advantage loans are available from $400,000 to $20,000,000 with a maximum term of 30 years. A+ Perm loans are non-recourse and can go up to 85 percent loan to value (LTV). A rate lock occurs 21 days before the closing of the loan with a prepayment lockout of 10 years. The development must be 90 percent stabilized occupancy for at least 90 days consecutively prior to the date of the issuance of the final commitment.
Click here to learn more about the Affordable Advantage Mortgage.
