Rates and fees for Multi-Family Loans and Housing Credits
Multi-Family Fees
| Type of Application | Application* | Commitment** | Origination | Reservation | Compliance Monitoring*** | Documentation/ Closing |
|---|---|---|---|---|---|---|
| Pre-development | $100 | $600 | N/A | N/A | N/A | N/A |
| Construction & Bridge | $500 | $3,500 | N/A | N/A | N/A | $3,500 |
| Permanent | $500 | $5,000 | 1-1.50%**** | N/A | N/A | $3,500 |
| Housing Credits | $500 | N/A | N/A | 4% | $120 PUPY C, $72 PUPY E | N/A |
| Refinance | $500 | $5,000 | 1-1.50%**** | N/A | N/A | $2,500 |
| Modification | $250 | $2,500 | $1,000 | N/A | N/A | $1,500 |
| Subsidy Layering Review (SLR) for Project-Based Vouchers***** | $1,000 | N/A | N/A | N/A | N/A | N/A |
*An Application Fee is due for each application and time that a project goes before the VHFA Board of Commissioners for approval or reapproval.
**Commitment Fee due when commitment is signed and credited to documentation/closing or reservation fees if the loan closes.
***PUPY C=Per Unit Per Year During Compliance, PUPY E= Per Unit Per Year During Extended Use Period.
****Origination fee varies based on the loan amount.
*****This fee is for Non-LIHTC Projects that request an SLR from VHFA or for LIHTC projects where more than one Subsidy Layering Review needs to be completed.
Other fees paid by borrower include but are not limited to construction inspection fees of lender and other third-party expenses (e.g. appraisal, etc.).
Multi-Family Rates
Learn More About VHFA's Multi-Family Programs.
The following are indicative rates as of . These rates are subject to change at any time without notice. VHFA lending programs are subject to underwriting and eligibility criteria. Final rates for any specific transaction may vary from the rates set forth below.
| Predevelopment Loan | Rate |
|---|---|
| Predevelopment Loan |
Variable |
| Construction Loan | Tax Exempt | Taxable |
|---|---|---|
| Fixed |
6.31% | 7.90% |
| Variable |
6.22% | 7.80% |
| Permanent Loan | Tax Exempt | Taxable |
|---|---|---|
| 10 Year Term / 30 Year Amortization |
5.79% | 6.72% |
| 30 Year Term / 30 Year Amortization |
6.31% | 8.18% |