In additional to the Initial Deposit to
Reserve for Replacements, an Initial
Deposit to the General Operating Reserve
(GOR) may be required in an amount not
to exceed 15% of the annual carrying
Full escrows for property taxes, all
applicable insurance and any special
assessments are funded at closing and
maintained throughout the life of the loan.
The is a non-recourse loan.
Long term loan up to 35 years, not to
exceed 75% of remaining economic life.
Low, fixed interested rates, fully amortizing.
Debt Coverage ratio of 1.00 x of net
The lesser of 65% of Market Rate Rental
Apartment Project or 55% of gross sell-out
The loan is fully assumable subject to the
approval of CMI and HUD.
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