For Developers

 

For Business Owners

For Investors

Commitment to Affordable Housing

 

The average housing loan is primarily dependent on the cash flow of the property.  The term is usually 15-20 years with a 10 % down payment.  The maximum amount financed cannot exceed 80% of the post-rehabilitation appraised value of the property.  This product is flexible in many of its terms and can be tailored to the borrower’s situation as long as there is sufficient collateral to support the loan

The typical housing borrower is an experienced for/non-profit developer, with a portfolio of six to ten properties.  They seek loans to rehabilitate Bridgeport properties with 3 to 20 units that they will rent to families earning less than 80% of AMI.

CommCap assists in the preservation and development of affordable housing by:

  • Financing well-maintained and affordable units priced below market to Bridgeport’s moderate income families.,
  • Properties must meet CommCap construction, rehabilitation and management requirements and general specifications that reflect CommCap’s commitment to safe and attractive housing
  • Keeping a maintenance reserve including taxes, insurance, Water Pollution Control Authority, and 2.5% of gross rental income is built into escrow for maintenance and repairs

Housing

 

A commitment to affordable housing Commitment to Affordable Housing
Housing portfolio snapshot CommCap Housing Portfolio
Loan eligibility and criteria Housing Loan Eligibility and Criteria

If you are interested in applying for a housing development loan, please
download an application or call
Fred Tencic at 203 332-7977