Rental Housing Lending
When it comes to financing your multifamily rental development, there is no one-size-fits-all. We have products that serve different income groups. All of our loans are funded with taxable bonds, tax-exempt bonds, as well as some internally generated funds (REACHVirginia) that can be standalone financing or layered with one another.
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Affordable Housing Spectrum Virginia Housing offers products to serve a range of different income groups. |
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| AMI up to 60% | AMI over 60% |
| Primarily served by the Housing Credit Program |
Primarily funded without federal subsidies. Often includes mixed-income and mixed-use properties |
| HUD's Area Median Income Limits ↗ | |
Virginia Housing Lending Details
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Financing With Taxable Bonds
Our taxable bond financing is ideal for mixed-income or mixed-use/mixed-income developments that offer both workforce and market-rate units. It is also available to fund developments with 9% Low Income Housing Credits.
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Financing With Tax-Exempt Bonds
Tax-exempt bond financing is available for the development, acquisition and rehabilitation of affordable housing with 4% Housing Credits. Because these funding sources are federally regulated, developers must meet certain income limits and rent requirements.
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Mixed-Use/Mixed-Income (MUMI) Financing
Our Mixed-Income & Mixed-Use/Mixed-Income Housing loans allow for a broader range of incomes and require some units with no income restrictions, so you can choose the financing that best fits the needs of your community. The program requires that a percentage of units be reserved for residents whose annual income does not exceed certain limits. The rest of the units may be rented to residents at any income level, including a requirement that some units have no income restrictions, commonly referred to as market rate units.
The charts below describe AMI requirements for each loan product.
Mixed-Use/Mixed-Income loans can be used to finance a property with a commercial/retail component under certain conditions.
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REACH Virginia Funds
Each year, we invest a large portion of our net revenues into communities. REACH Virginia provides low-cost loans and grants to help support vital housing initiatives throughout Virginia. Financing with REACH Virginia funds can supplement bond-funded loans.
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Strategic Markets Lending Group
Our Strategic Markets Lending Group focuses on financing to help provide housing for the homeless population, people with disabilities, underserved markets and smaller revitalization initiatives.
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Rental Housing Lending Process
Ready to apply for financing? We offer a step-by-step process to guide you through the application process.
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Rental Housing Announcements
Be the first to know about any changes to our existing programs, loan underwriting practices and policies and any modifications to processes and procedures.
Sign up for updates below or view our Rental Housing Announcements page to learn more.