The FAF/BMIR Loan Fund is available to any entity that conforms to the requirements for providing affordable housing under any of the Authority’s affordable rental housing programs for the construction or acquisition/rehabilitation of affordable rental housing for very low-income persons and families, defined as having total household income less than 60% of area median income.. The FAF/BMIR Loan funds are intended to be true gap financing, thus the FAF/BMIR loan funds must be leveraged. FAF/BMIR loan proceeds may only be used to pay development costs chargeable for federal income tax purposes to the development's capital account. The proposed number of units must be a minimum of five (5) units.
For more information contact Andrew Branch, Vice President of Housing, 501-682-5860