Eligible Property Types
Residential Properties
- Single Family Residences (“SFR”)
- 2-4 Unit Homes
- Condominiums
- Townhomes
Multifamily and Mixed-Use Properties
- Multifamily apartment buildings (5+ units)
- Mixed-Use buildings (residential space is more than 70% of the property square footage and at least 70% of total gross potential rental income)
The following property types are NOT eligible for financing
- Mobile home developments and cooperatives
- Raw land where lots are not split and individually parceled and/or water/sewer/well/septic are not lateral ready
- Working farms or ranches
- Properties subject to purchase options
- Single family condominiums of less than 500 square feet
- 2-4 unit, multifamily or mixed-use residences of less than 500 square feet on average for each residential living unit and
- Single family homes or townhomes of less than 700 square feet
- Properties which are not in compliance with local zoning regulations
- Single Room Occupancy (SROs)
- Properties with known adverse environmental conditions
- Properties with underground oil tanks
- Areas where more than 10% of other properties within a 2-block radius are either clearly vacant, abandoned and/or boarded-up
- Manufactured homes (not permanently affixed)
- Container constructed properties