|Interim funding to cover a gap in availability of funding from an identified take-out source, including: tax credit equity, grants or pledges receivable, other future subsidy, or construction or permanent financing.
|Up to $3,000,000
|Depends on takeout, not longer than three years
|Interest rate and repayment
From 5%, dependent on security, term, takeout
Generally interest-only; an interest reserve may be required
|May include pledge on grant receivables, as documented and reviewed, liens on real estate or other assets, etc.
|Take-out source to be identified from project plan, may include grant receivables, tax credit equity funding and other future funding sources
Commitment fee — $5,000
Origination fee — Up to 1.50% of loan amount
Third party legal fees and other third-party fees as incurred
|All terms are estimated and subject to periodic revision, at NIIF’s sole discretion. Inquiries or questions may be directed by email to Mark Kaufman, President & CEO, at [email protected].