New Sponsor-Initiated Affordability
On March 15, 2021, our newest product enhancement, Sponsor-Initiated Affordability (SIA), hit the market. SIA provides a creative solution to expand affordability and increase workforce housing.
Borrowers can set aside a minimum of 20% of a property’s units to residents earning 80% or less of area median income (AMI) adjusted for family size, over the life of the loan with rents not exceeding 30% of AMI. The rent and income restrictions will be documented in an affordability agreement and will require annual certification. Visit our SIA webpage for additional resources.
SIA is made for conventional properties and is a great fit for borrowers pursuing Environmental, Social, and Governance (ESG) initiatives, especially when combined with other products such as Healthy Housing Rewards™ and Green Rewards.
Reach out to your deal team with questions.