CommCap housing loans include financing for the acquisition, development and/or rehabilitation of multi-family rental, special needs and mixed-use properties in the Greater Bridgeport Area. The minimum loan amount is $50,000 and the maximum is $500,000.
Loans must meet at least one of the following criteria:
- Units must be affordable and remain affordable to low and moderate income families in accordance with HUD income guidelines
- Be located in low or moderate income census tracts
- Projects must contribute to the stabilization of the neighborhood where it is located, and/or be for persons with special needs
Required Documentation
- Completed application with non-refundable fee
- Personal Financial Statements of all Borrowers/Guarantors
- Signed Federal Income Tax Returns (2 years)
- Corporate Financial Statements (2 years) if applicable
- Corporate Tax Returns (2 years) if applicable
- Detailed Construction Cost Breakdown
- Development Budget
- Management Plan
- Contract of sale/deed
- Appraisal (if applicable)
- Environmental and/or historic review and clearance (if applicable)
*Please note that these are minimum requirements. In some cases, we have asked for or may later ask for additional information before final approval can be granted