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Helping
community developers effectively compete for site control in
hot real estate markets
Within the last five years, it has been commonplace
in nearly all growth markets nationally for raw and improved
land prices to have increase 50% and, and in many cities, nearly
100%. Further exacerbating the challenge for nonprofit developers
is both the short fuse on purchase agreements and the working
capital and equity required lenders (between 25% and 50%) for
such loans. The Site Acquisition Fund was created as a resource
for affordable housing developers and community service providers
purchasing commercial real estate for educational, health and
other neighborhood program centers. The goal is to provide affordably
priced loans at a high loan-to-value to borrowers with committed
operating or sales contracts.
The Fund is a partnership with JP Morgan Chase Bank; which provides
loan capital as well as grant funds for subordinate debt and
guarantees. The combination of the Chase and RDF's capital allow
RDF to make loans up to 24 months, at below prime at an average
of 90% loan-to value.
If you have questions or interest in the Fund Click
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Raza Development Fund (RDF) and the National Council of La Raza (NCLR) in partnership with investors like Citigroup and Bank of America announce a second round of the Latino Social Venture Fund (LSVF).
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