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7/10 Flex Financing

Printable full term sheet

Terms

  • 30 year maximum term
  • 30 year maximum amortization

Fees

Origination Fee of 1.5% of mortgage loan commitment amount.

Loan Structuring Fee (non-refundable) of one-half of the origination fee is payable upon acceptance of the Mortgage Loan Commitment; this fee is credited toward the loan origination fee at closing.

Application Fee of $250 for developments of 24 units or fewer, or $500 for developments of 25 units or more.

Fees are subject to periodic review and change.

Eligibility

  • Eligible borrowers include for-profit, qualified non-profits, housing authorities, or other entities meeting criteria established by WHEDA.
  • Eligible developments  must be residential rental housing for families, elderly, or people with disabilities. 
    • Eligible developments include:
      • Apartments, including townhouses
      • Developments may contain up to 25% commercial space, measured by a percentage of lease income
      • Developments with new allocations of LIHTC are not eligible
    • Developments may be for:
      • New Construction
      • Acquisition with rehabilitation of an existing building
      • Refinance of an existing development

Minimum Set-Aside Units

20% of all units set-aside for households with incomes not exceeding 80% of County Median Income (CMI).

Total rent plus utilities cannot exceed 30% of the respective CMI levels.