Opening of Ace Hardwood Store. Loan provided by Commercial Loan Direct.
HUD provides capital advances to finance structures that serve as supportive housing for low-income, elderly people. Types of financing include construction, rehabilitation, or aquisition with or without rehabilitation.
The Section 202 program increases the supply of affordable housing with supportive services for the elderly. It provides elderly with low income options that gives them the ability to live independently but in an environment that provides support activities.
HUD provides interest-free capital advances to private, nonprofit sponsors to finance the development of supportive housing for the elderly. The capital advance does not have to be repaid as long as the project serves very low-income elderly persons for 40 years. Project rental assistance funds are provided to cover the difference between the HUDapproved operating cost for the project and the tenants' contribution towards rent. Project rental assistance contracts are approved initially for 3 years and are renewable based on the availability of funds.
Private nonprofit organizations and nonprofit consumer cooperatives that meet the threshold requirements contained in the General Section and the program Notice of Funding Availability (NOFA) are the only eligible applicants under this Section 202 program.
What Clients Say About Us
Fernando and Leanne are amazing. I had many small businesses that need refinancing over the years. I have met many Brokers and there is always a catch. ALWAYS!… Use them! Once you do you will work with them forever
- Nirav Patel
If you searching for a great experience Commercial Loan Direct is the place. Leanne took care of me and honestly had the greatest experience. She handled all of my needs in a smooth and timely manner listened and addressed any concerns I had about the process and was very patient. I can be quite a handful at times and Leanne was so professional and kind hearted. I'd 100% recommend this company. Thank you again.
- Vincent Arias
We were in unfamiliar territory when it came to refinancing. Commercial Loan Direct streamlined the whole process for us. Leann connected us with lenders that were the right fit for us. The money and time we saved was so worth it. I highly recommend them
- Rita Pisarski
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