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$3.34 Million CRA and Social Investment Opportunity For Senior Housing Project

Asset ClassMulti-Family Housing
CityMidvale, UT
Financing TypeMultifamily First Mortgage
Interest Areas
Equity Investment
Mission Related Investment

A national CDFI leader that finances resident-owned manufactured home communities, seeks a senior loan participation of up to $3.34 million in its $3.93 million 1st mortgage loan that closed in early February 2018 to the Applewood Homeowners Cooperative in Midvale, UT. 

The 52 lower-income senior homeowners saved their neighborhood from eventual redevelopment as high-end housing in this attractive Salt Lake City suburb with the use of this well regarded CDFI’s financing. 

With a current $4.8 million appraisal for this manufactured home community two blocks from the rapid transit station serving downtown Salt Lake City, the $3.34 million senior loan participation interest available is at a very favorable 70% loan-to-value position. The CDFI will subordinate its retained interest in the loan of $590,000 as the loan fund seeks a senior participant for this 10-year term loan, with 30-year amortization period, at a fixed yield of 4.0%. 

This property’s location allows for the investor to receive CRA credit, given the address and the fact that 92% of homeowners have annual incomes below 80% of the Salt Lake County median income and 57% of homeowners have annual incomes below 50% of the area median income.

For more information and details, click on the contact button to email the sponsoring organization.

Non-Metropolitan County Status and NMTC Eligibility: 
Not Eligible or Not Non-Metropolitan

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CDFI Fund New Markets Tax Credit Eligibility

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CRA Eligibility

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Moderate Income
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BEA Distressed Communities

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Not a Distressed Community