Colorado recently announced the launch of the Capital Magnet Fund (CMF), a new source of gap financing to help fill out your project funding needs.
CMF helps deepen affordability by providing up to $750,000 in secondary debt to a project. It complements CHFA’s senior debt by streamlining the approval, underwriting, and compliance processes through CHFA while allowing for sufficient project cash flow.
Eligibility:
Any project that has received 9% or 4% Low Income Federal Housing Tax Credits (LIHTC) can use this for acquisition, new construction, and rehabilitation.
Benefits:
- Below-market, flexible financing
- Up to 20% of loan amount can be in the form of a grant when combined with CHFA first mortgage
- 17-year loan term with a 35-year amortization
Webinar: register to learn more
As the exclusive allocator of these funds in Colorado, we have just 24 months to get the loans committed. Please join us for the upcoming webinar to explain the program details and help you better understand how to utilize this resource.
Thursday, August 2, 2018
10:00am to 11:00am
Register here.
Registrants will receive login information the day before the webinar.
