Overview
Owners of smaller Bronx apartment buildings may want to familiarize themselves with the new Bronx Multi-Loan Program. The Bronx MLP (formerly known as the MiniLoan Program) is perfect for residential and mixed-use buildings with at least five residential units. The loan program can be used for purchase, renovation or refinancing.

Under the Bronx MLP, created by UNHP, Fannie Mae and the Community Preservation Corporation (CPC), owners and buyers of these buildings (including both nonprofit and for-profit developers) can apply for 30 year, fixed-rate financing between $100,000 and $750,000.

The purpose of the Bronx MLP is to offer one simple multifamily loan featuring affordable market rates to serve the needs of smaller rental properties in the Bronx.

UNHP sponsored a workshop on the Bronx Multi-Loan Program along with Fannie Mae and CPC on Wednesday, April 4th. Information about the Water Board’s new Multifamily Conservation Program was also presented at the workshop.

For more information or to receive a Bronx MLP brochure, please email us at mail@unhp.org or call either Jim Buckley or Greg Jost at 933-3101.

What is the Program?
Fannie Mae and the Community Preservation Corporation (CPC) offer one simple multifamily loan featuring affordable market rates to serve the needs of small rental properties in the Bronx.

• For owners of small apartment buildings (at least 5 residential units) looking for better financing terms
• For buildings needing renovation or refinancing at affordable rates
• For potential owners of small apartments buildings who can’t find attractive purchase financing
• For first-time purchasers of small apartment buildings

Who is Eligible?

• Existing owners of rental buildings in the Bronx in need of between $100,000 and $750,000
• Individuals considering acquiring properties that may require rehabilitation
• First-time purchasers of rental properties
• Not-for-profit and for-profit corporations

Loan Terms
Loans may be used to fund acquisitions, refinances or renovations. The first mortgage loan limits are $100,000 to $750,000. Properties in the Bronx with 5 or more residential units qualify. The loans are 30-year, fixed-rate, fully amortizing first mortgages.

Underwriting criteria

• 80% loan to value

Commercial income

• Up to 20% of the total property income may come from commercial units located within the property.

Mortgage Insurance

• All loans must be eligible for mortgage insurance from REMIC, the New York City Residential Mortgage Insurance Corporation. Participating lenders will arrange for this morgage insurance.
• Other terms may apply as required by participating lenders.

Borrower Recourse

• The permanent loans will be nonrecourse with the exception of an environmental indemnifacation.

Prepayment fee

• 5% step-down prepayment penalty fee imposed the first year and reduced by one-half of a percent each year over 10 years. No prepayment fee after the 10th year.

Cash-out provisions

• Owners of rental buildings who have renovated the property in the 12 months prior to application may qualify for cash out as reimbursement.

Participating Lender:
The Community Preservation Corporation (CPC)
5 West 37th Street
New York, NY 10018
Contact: Dick Conley at (718) 601-6600
or Rose Browne at (212) 869-5300 x513

For More Information
Please contact Gregory Jost or Jim Buckley at:

University Neighborhood Housing Program

2751 Grand Concourse

Bronx, New York 10468

(718) 933-3101

CPC