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Of Affordable Housing Finance

Of Affordable Housing Finance. Our Esteemed Panelists . Brian Coate – Lancaster Pollard Mortgage Company Steve LeClere – City Real Estate Advisors Chris Mullin - Bonneville Mortgage Company Barry Ramsey – USDA Rural Development.

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Of Affordable Housing Finance

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  1. Of Affordable Housing Finance
  2. Our Esteemed Panelists Brian Coate – Lancaster Pollard Mortgage Company Steve LeClere – City Real Estate Advisors Chris Mullin - Bonneville Mortgage Company Barry Ramsey – USDA Rural Development
  3. I’m not interested in Agency Lending because it takes over a year to close. The upfront costs are too high to even consider applying for LIHTC.
  4. I’m not comfortable selling 99.99% of my property. Our project is too small to get any outside investors interested.
  5. The LIHTC process is too political for someone like me to win an award. I don’t have any experience with LIHTC, even though I have extensive experience with RD low income housing. I’ll never get tax credits or an investor interested.
  6. I’ve heard that the Compliance requirements are so cumbersome, that it’s not worth it. I hear you have to give up management to get a tax credit deal done. Forget it!
  7. I hear you have to sell to a non-profit at the end of year 15. There’s no way to make any money on these properties anymore.
  8. The transfer process is way too cumbersome and I’m too old for that mess. Equity pricing is too low in rural markets.  I won’t be able to make the sources and uses work.
  9. The equity syndicator is requiring me to have a locked perm rate, which is too high for my project to afford.
  10. Comes down to the right team!
  11. Contact Info Brian Coate Lancaster Pollard Mortgage Company bcoate@lancasterpollard.com (614) 224-8800 Barry Ramsey USDA Rural Development Barry.Ramsey@il.usda.gov (217) 403-6222 Steve LeClere City Real Estate SLeClere@cityrealestateadvisors.com (317) 808-7169 Chris Mullen Bonneville MultiFamily cmullen@bmcslc.com (801) 323-1076
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