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Tax-Exempt Bond – Direct Purchase Program
Fixed Rate – Unenhanced
Construction – Permanent

Program Overview America First Multifamily Investors provides developers with a cost effective solution for construction and permanent financing of affordable housing properties through the direct purchase of tax exempt bonds.
Property Type Multifamily, Student or Senior Housing properties; for new construction and rehabilitation.
Loan Amounts $5,000,000 minimum (smaller deals considered)
Interest Rate To Be Negotiated prior to Letter of Intent
Amortization New construction: 38 – 40 years
Rehabilitation: 33 – 35 years
Term New construction: 40 years
Rehabilitation: 35 years
Prepayment Lockout for 10 years from placed-in-service date, thereafter, optional prepayment at par
Debt Service Coverage Sr. Bonds 1.15
Sub. Bonds 1.05 (as defined by the investor)
Loan to Value 90% of appraised value based on market rents and market cap rate
Recourse Unconditional guaranty of construction completion and stabilization, non-recourse thereafter, excluding customary carve-outs
Origination Fee 1.5% of loan amount
Application Fee $20,000; to be applied to third party reports and Legal Expense
Contact Chad Daffer
cdaffer@afreg.com
(402) 930-3085

Andy Grier
agrier@afreg.com
(402) 930-3076

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