Affordable Housing Guide to Approval

In order for CUB to best serve our customers’ needs in a timely and decisive manner we need the following information during the various stages of the application process.

LIHTC Loans

At the letter of intent stage, the following should be submitted to CUB:

(This list represents typical info requested but additional items may be required)

  • LIHTC Equity Assumptions
  • Sources and Uses
  • 15 year proforma
  • Market Study
  • Building costs and/or construction budget
  • Resume(s) of development team

Once the project receives approval of tax credits and are ready to proceed with a formal loan request, the following will be required:

  • Building plan or rendering
  • Site plan
  • Pictures of site
  • Borrowing entity structure
  • Copy of tax credit application and award letter
  • Equity commitment letter with pay in schedule
  • Two years financial statements and tax returns on all related entities
  • Two years personal financial statement and tax returns of guarantors
  • References of developer
  • Updated Sources/Uses and proforma
  • Appraisal

Once the project receives a loan approval from CUB’s loan committee, we will begin a commitment letter.  The commitment letter must be returned and signed by all applicable parties.

Once the commitment letter has been signed, a draft closing checklist will be provided to allow all parties to move toward a closing.

Other Affordable Housing Loans

For acquisition and/or Post Y15, the following should be submitted to CUB:

(This list represents typical info requested but additional items may be required)

  • Sources and Uses
  • Underwriting Proforma
  • Resume(s) of development team
  • 2 years of financials
  • Capital Needs Assessment
  • Recent inspection scores
  • Appraisal
  • Market or Rent Comp Study (if necessary)