Loan Amount and Type
$980,000 Bridge Loan
Loan Use
Loan bridges funding that has been committed from the Barnes Fund.
Borrower/Sponsor
Be A Helping Hand Foundation is a nonprofit affordable housing developer.
Affordability
The project will create 34 affordable units, 18 of which will be restricted to tenants earning at or below 30% AMI; 16 restricted to 60% AMI or below.
Impact
The Barnes award pays in arrears, requiring the nonprofit sponsor to use valuable dollars while waiting for the repayment. The Fund’s bridge loan allows the sponsor to preserve its own cash and expedite the renovations.
