Multi-Family Housing Bonds, Senior Housing Bonds, Affordable Housing Bonds
Description: TRVDA issues multi-family housing development revenue bonds for Developers that are building facilities to lease to individuals that are at a certain income level. Federal tax-exempt rules require that 20% of the units are made available to individuals or families that are 50% or lower of the median family income (Or 40% available to residents that are at or lower than 60%). Proceeds can be used to purchase land, buildings and equipment and/or to construct new or renovate existing facilities.
Benefits: The benefits of Taxable Revenue Bonds include:
- Long term – Maturity of the bonds is flexible and can range from ten to thirty years.
- Favorable Interest Rate – Rates are generally 1.0% to 3.0% below Prime Rate.
- Flexible Terms – Interest rates may be fixed or variable and can finance up to 100% of the eligible project costs.
- Favorable Terms – There is no fixed minimum job creation or capital investment requirements, although some jobs have to be created.
Eligibility: Any multi-family housing facilities such as senior housing, affordable housing, assisted living and supportive living. Housing Revenue Bonds require volume cap.
Fees: A $2,000 non-refundable application fee is due when the application is submitted. Please make checks payable to the Tri-County River Valley Development Authority. An issuance fee of 80 basis points is due at closing.
Contact: For an application or additional information please contact Andrew Hamilton, Executive Director, Tri-County River Valley Development Authority (TRVDA), 456 Fulton Street, Suite 401, Peoria, IL 61602, Toll Free: 866-325-7525, Fax: 866-325-7569. Email: firstname.lastname@example.org