Description

Requirements

An SDW Housing Property is a PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). where:

• either
  • all rent restrictions are newly imposed by the BorrowerBorrowerPerson who is the obligor per the Note. , or
  • new rent restrictions are being added to existing rent restrictions; and
• the aggregate rent restrictions:
  • meet or exceed 20% @ 80%:  at least 20% of all units have rent restrictions in place making them affordable to households earning up to the following as adjusted for family size: 
    • 80% of AMI; or
    • 100% of AMI in an FHFAFHFAFederal Housing Finance Agency. -designated “cost-burdened” market; or
    • 120% of AMI in an FHFAFHFAFederal Housing Finance Agency. -designated “very cost-burdened” market;
  • are in place at the PropertyPropertyMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). by the Mortgage Loan Origination DateMortgage Loan Origination DateDate you fund a Mortgage Loan to the Borrower. ; and
  • remain in place during the entire Mortgage LoanMortgage LoanMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents, or  a mortgage debt obligation with a Fannie Mae credit enhancement. term.

An SDW Housing Property is ineligible if:

• 3 or more years of LIHTCLIHTCFederal program offering tax credits to owners of eligible properties that contain low-income occupants and rent restrictions. restrictions remain; and
• the BorrowerBorrowerPerson who is the obligor per the Note. intends to enter into the Qualified Contract Process (per Internal Revenue Code Section 42) within 3 years after the Mortgage Loan Origination DateMortgage Loan Origination DateDate you fund a Mortgage Loan to the Borrower. .