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Products
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Offered by
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Description
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Eligible Users**
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Typical User Requirements |
Where Offered
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| Acquisition Bridge and Pre Development Lines or Loans | Bank, Enterprise and LISC | Financing for early development costs of new construction or acquisition of existing, residential real estate. Borrower funds a portion of total requirement. Not a grant. | LHAs and affiliates and developers / owners of public purpose affordable housing or other developments of community significance. |
Selectively available to above average borrowers. Identifiable and underwritable repayment sources. Borrower recourse required. |
Bank retail states plus Enterprise or LISC cities. |
| Working Capital Lines | Bank of America | Highly flexible source of funding for a variety of uses including predevelopment, acquisition bridge activity, training programs, etc. Repaid from operating activity and/or other long term funding source. Not a grant. | Stable business entities, including LHAs and their affiliates, who can demonstrate reasonable repayment capabilities. |
Must have history of net cash generation from perations sufficient to retire line in 1-2 years. Borrower recourse required. |
Nationwide for clients with established relationship. Otherwise, Bank retail states plus Enterprise or LISC cities. |
| Tax Credit Equity | ESIC, NEF and Bank | Source of project equity used with low-income housing or historic properties. Requires award by state agency. | LHAs and affiliates and developers / owners of affordable MF housing or historic properties. | Customary LIHTC underwriting and structuring applicable. | Nationwide. |
| Capital Grant Loans | Bank of America | Allows a LHA to borrow against future public housing Capital Grant amounts. Proceeds may only be used for public housing Capital Grant eligible purposes. Includes "HOPE VI like" mixed finance initiatives sponsored by a LHA. May be structured as a tax exempt loan or bond financing. | LHAs only. | Customary real estate underwriting and structural requirements applicable. | Nationwide. Primary emphasis on Bank retail states.
NOTE: Fee structure outlined below. |
| Bond Financing | Bank of America (via Banc of America Securities) | Permanent or construction and permanent financing of residential real estate. Credit support usually required (see Construction Loans and Term Debt below). | LHAs and affiliates and owners / developers of residential real estate. | Customary real estate underwriting and structural requirements applicable. Credit enhancement generally required. | Nationwide. NOTE: Fees are typically applicable. |
| Construction Loans | Bank, Enterprise and LISC | Full development cycle funding for residential and commercial real estate construction. Available as funded loan or letter of credit. Generally requires committed take out funding. | LHAs and affiliates and owners / developers of commercial and residential real estate. | Customary real estate construction underwriting and structural requiements applicable. | Nationwide for clients with established relationship. Otherwise, Bank retail states plus Enterprise or LISC cities. |
| Term Debt | Bank, Enterprise and LISC | Permanent funding for stabilized residential and commercial real estate. May be combined with construction funding. Most Bank long term debt products are supplied in partnership with third parties. | LHAs and affiliates and owners / developers of commercial and residential real estate. | Customary term real estate underwriting and structural requirements applicable. Standards controlled by secondary market. | Nationwide for clients with established relationship.
Otherwise, Bank retail states plus Enterprise or LISC cities. NOTE: fees are typically applicable. |
| AHP Grant Sponsorship | Federal Home Loan Banks (via Bank of America | Competitively awarded funding for acquisition or development of affordable housing, rental or homeownership. Typically provides not more than 5-7% of total required funding. | LHAs and affiliates and owners/developers of residential real estate. | Bank typically also serves as construction lender. Application must prevail over competing applications in FHLB scoring. | Bank retail states. |
| Assessment and Help Getting Started | NAHRO, LISC, Enterprise | Organizational assessment, evaluation and orientation for LHAs seeking to begin or significantly increase a commitment to development activity. | LHAs and other not for profit organizations. |
Willingness to commit staff and board time, as necessary. Ability to pay associated costs. |
Enterprise and LISC target cities and nationwide, through NAHRO. |
| Training / Capacity Building | Enterprise, LISC and NAHRO | Training, conferences, distance learning and other services as appropriate. Most offered on fee for service basis. Not a grant. | LHAs and other not for profit developer / owners of real estate. |
Willingness to commit staff time as needed. Board support. Pay associated costs. |
Enterprise and LISC target cities. NAHRO - nationwide. |
| Transaction Execution Support | Bank, Enterprise, LISC, NAHRO | Assistance in development and funding packaging on a transaction specific basis; counseling for "stuck" transactions. Fee for service development consulting. Not a grant. | LHAs and other not for profit developer / owners of real estate. |
Willingness to commit staff time. Board support. Pay associated costs. |
Nationwide. Some providers / components not available in some locations. |
* PLEASE NOTE: There is a NAHRO Access Alliance fee associated with all transactions providing capital to participating agencies. The fees are used to support the activities of the Alliance in assisting NAHRO member agencies to gain access to training, technical assistance and capital. The fee structure is as follows:
Capital Amount (loan and equity) NAHRO Access Alliance Fee Under $1,000,000 $ 5,000 $1,000,000-$1,999,999 $ 7,500 $2,000,000-$2,999,999 $10,000 $3,000,000-$4,999,999 $15,000 $5,000,000-$9,999,999 $20,000 $10,000,000 and above $25,000
** NAHRO Access Alliance services and products are available only to NAHRO member agencies.
The NAHRO Access Alliance supports the goals of expanded homeownership opportunities as contemplated by the Section 8(y) legislation. The Alliance anticipates working with other interested parties to craft a systematic and scalable implementation of the 8(y) opportunity. The Alliance believes that, in addition to funding support for homeownership training, the success and scalability of 8(y) will importantly be conditioned upon large scale access to down payment assistance and other secondary financing.
Bank of America retail states include AZ, AR, CA, DC, FL, GA, HI, ID, IL, IA, KS, MD, MO, NV, NM, NC, OK, OR, SC, TN, TX, VA, and WA.
LISC cities include: Baton Rouge LA, Boston, MA Buffalo NY, Chicago IL, Cincinnati OH, Cleveland OH, Detroit MI, Duluth MN, Hartford CT, Houston TX, Indianapolis IN, Jacksonville FL, Kalamazoo MI, Kansas City KS & MO, Las Vegas NV, Little Rock AR, Los Angeles CA, Greater Miami FL, Michigan Statewide, Mid South Delta, Milwaukee WI, Newark NJ, New Jersey Statewide, New Orleans LA, New York City NY, Philadelphia PA, Phoenix AZ, Puget Sound WA, Rhode Island Statewide, Richmond VA, San Diego CA, San Francisco Bay Area, Southwest Pennsylvania, Toledo OH, Twin Cities MN, Washington DC, West Palm Beach FL, and Winston-Salem NC. (List subject to program additions and deletions.)
LISC also operates rural programs in the following states:
Alabama, Arizona, California, Colorado, Florida, Hawaii, Illinois, Indiana,
Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan,
Minnesota, Mississippi, Missouri, Montana, Nebraska, New Hampshire, New
Mexico, New York, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania,
South Carolina, South Dakota, Texas, Vermont, Virginia, Washington, West
Virginia, and Wisconsin. (List subject to program additions and deletions)
ESIC does business in all fifty states. Enterprise/ESIC offices, concentration
cities and program areas: Albuquerque, NM, Atlanta, GA, Austin, TX, Baltimore,
MD, Charlotte, NC, Cleveland, OH, Columbus, OH, Dallas, TX, Denver, CO,
East Palo Alto, CA, Houston, TX, Las Cruces, NM, Louisville, KY, Los Angeles,
CA, Miami, FL, Newark, NJ, New Orleans, LA, New York City, NY, Orlando,
FL, Portland, OR, Rochester, NY, St. Louis, MO, Salt Lake City, UT, San
Antonio, TX, Santa Fe, NM, Seattle, WA, Selma, AL, San Francisco, CA,
Washington, DC and York, PA. Enterprise works statewide in Colorado, Florida,
Georgia, New Jersey, New Mexico, New York, North Carolina, Oregon, Texas,
Utah, Washington and regionally in Rural Minnesota, Northeast Ohio and
the South San Francisco Bay Area. Enterprise works with Native American
Tribal Governments in several Western locations. Enterprise also has an
information and training network of 1,900 nonprofits across all fifty
states.
For further information, contact the NAHRO
Access Alliance at
nahroaccessalliance@nahro.org
National Association of Housing and Redevelopment Officials
630 Eye Street, NW, Washington DC 20001
Toll Free: 877-866-2476 Phone: 202-289-3500 Fax: 202-289-8181
E-mail: nahro@nahro.org
© Copyright 2002 NAHRO