Select financing options
Sell mortgages to CRA-motivated bank
Should the Affiliate sell some of its Habitat mortgages to a CRA-motivated bank at a discount for upfront cash?
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Sell land to a developer
Landstaff Development is interested in purchasing 2 acres of land to build market-rate housing.
They are offering to purchase 2 acres for $810,000.
Obtain subsidy for low-income units
For each unit you build at 80% market rate or below you are eligible for a $40,000 city subsidy. Up to $2.4 million is available.
It will take 4 months to apply.
Obtain subsidy for downpayment assistance
The Idovania Housing Agency is offering down payment assistance for workforce units.
If you build at least 10 units of workforce housing at 100% AMI, the agency will make $10,000 available per unit up to a max of $400,000 for 40 units.
Use third-party mortgages
Third-party mortgages are unavailable for 60% AMI households, and required for 120% and market rate households.
Use third-party mortgages for:
0 households at 60% AMI
Ineligible
0 households at 80% AMI
0 households at 100% AMI
0 households at 120% AMI
Required
0 households at Market Rate
Required