Loan eligibility and criteria

CommCap housing loans include financing for the acquisition, development and/or rehabilitation of multi-family rental, special needs and mixed-use properties in the Greater Bridgeport Area. The minimum loan amount is $50,000 and the maximum is $500,000.

Loans must meet at least one of the following criteria:

  • Units must be affordable and remain affordable to low and moderate income families in accordance with HUD income guidelines
  • Be located in low or moderate income census tracts
  • Projects must contribute to the stabilization of the neighborhood where it is located, and/or be for persons with special needs

Required Documentation

  • Completed application with non-refundable fee
  • Personal Financial Statements of all Borrowers/Guarantors
  • Signed Federal Income Tax Returns (2 years)
  • Corporate Financial Statements (2 years) if applicable
  • Corporate Tax Returns (2 years) if applicable
  • Detailed Construction Cost Breakdown
  • Development Budget
  • Management Plan
  • Contract of sale/deed
  • Appraisal (if applicable)
  • Environmental and/or historic review and clearance (if applicable)

*Please note that these are minimum requirements. In some cases, we have asked for or may later ask for additional information before final approval can be granted