COMMUNITY DEVELOPMENT

Community development projects differ significantly from conventional market rate ventures due to reliance on government subsidies and generally below-market rents and sales prices. The Wachovia Community Development Finance Group specializes in deploying capital that supports affordable housing, economic revitalization, and small business enterprises throughout the East Coast. Our customers are “for profit” and “non-profit” businesses, real estate developers, and financial intermediaries.

This service is designed for:

• “Non-profit” and “for-profit” developers targeting construction and rehabilitation of affordable housing and commercial development in economically distressed communities
• Governmental agencies active in affordable housing and community development
• Faith-based community development initiatives
• Low Income Housing Tax Credit (LIHTC) developers 
• Community Development Financial Institutions (CDFIs)

Among the property types financed:

• Affordable single- and multi-family housing, including LIHTC properties
• Historic preservation rehabilitations
• Special use housing (Single Room Occupancy (SRO’s), senior housing, etc.)
• Commercial offices and retail space in enterprise zones or brownfields
• Commercial property that houses community services (daycare centers, charter schools, etc.)

Products and solutions:

• Acquisition, development, and construction lines of credit
• Outplacement of permanent debt
• Fannie Mae Delegated Underwriting Servicing (DUS) construction loans
• Equity bridge loans
• Letters of credit for development and short-term bond enhancements
• Interest rate risk management products

For more information on the non-traditional financing available in your area, contact the Community Development Finance Group.

Related Links

•Community Lending Programs
•Non-Profit Checking
•Public Funds Checking and Savings
•Real Estate Checking and Savings
•Strengthening Neighborhoods

Corporate & Institutional Customer Service