The total project cost is up to US$30 million, including an equity investment of up to US$10 million in Secorse, and a US$20 million (in Mexican Pesos equivalent) income participation loan
from IFC s own account, which shall be used to fund the SPV.
8 million as a result of a payoff of one participation loan
AIDEA's participation loan
will provide long-term financing for one unit in the 10,368-square-foot building being constructed in several phases.
Other programs could apply such as the Low-Income Housing Tax Credits with New York City's Department of Housing Preservation and Development's (HPD) New Construction Participation Loan
Program as well as the Mixed Finance Program through the United States Department of Housing and Urban Development (HUD) which permits public housing to be built with tax credits in private developments, aka the Hope VI Financing.
Earlier this year, Centrix allocated $100,000 toward residential mortgages for MNHS through the Participation Loan
Pool Fund (PLP).
HPD expects to provide a low-interest loan through its Preservation Participation Loan
Program, in conjunction with more conventional financing and Low Income Housing Tax Credits, to fund the rehabilitation of the properties and preserve them as affordable for current and future tenants.
What's more, the credit unions' involvement in CSMC participation loan
pools was considered low risk because it was expected to short-term and fund only mortgage loans that were pre-sold into the secondary market.
Provision for loan losses of $284,000 in 2014 as compared to $637,000 in 2013, due primarily to the charge-off of $589,000 on a commercial participation loan
HPD provided its portion of the financing through the City's Participation Loan
Program, which is administered by HPD.
Washington Trust's Commercial Real Estate Group, in a participation loan
with Cambridge Savings Bank, recently provided $9,000,000 to Rosemary Office Associates Limited Partnership for the refinancing of an 86,269 square-foot office building in Needham, Mass.
to expand its commercial participation loan
The State of New York Mortgage Agency (SONYMA) is providing critical mortgage insurance for the pension funds, and the New York City Department of Housing Preservation and Development will also be sup porting the initiative through its Participation Loan