Details.
Non-recourse construction and permanent financing for new construction or substantial rehabilitation of elderly apartments, including market rate, middle income and affordable properties. One resident must be 62 or older, and children are permitted. Maximum term and amortisation is 40 years. Escrows, mortgage insurance, third party reports and a payment and performance bond or cash deposit or letter of credit are required. Secondary financing is permitted under certain conditions, and the financing is fully assumable.