Mixed Use Loans
Commercial + Residential Development = One LoanThe Michigan Interfaith Trust Fund is pleased to offer one-stop financing to developers of mixed use projects that involve both commercial and residential space. Potential borrowers need only submit one application and will have only one contact person with the Trust Fund.
How it works
The same eligibility and social critera that are examined for standard affordable housing and economic development projects apply to Mixed Use loans. Eligible projects are those that combine affordable housing with qualifying commercial real estate development.
Generally, the Trust Fund makes short-term loans of six years or less, although longer terms would be considered for low income housing tax credit projects. The interest rates vary from six to nine percent (6% - 9%).
Eligible purposes include:
• Real estate option/acquisition
• Pre-development costs (e.g. legal fees, design costs, appraisals, etc.)
• Construction financing, rehabilitation financing
• Bridge loan
• Permanent financing
Application Procedures
Applicants should contact the Trust Fund staff to obtain an application package and learn current timelines for submissions and approvals. Applicants shall then submit the application with related project proposal narratives and budgets for initial staff review.