Loan Amount: $1,226,462
Developer: LEAP Housing
The Trinity New Hope project is an existing 16-unit multifamily development built in 1995 using Low-Income Housing Tax Credits, providing 16 affordable housing units (100% of total) restricted to tenants with household incomes between 50% and 80% of the area median income, with plans to transition to homeownership opportunities for low to moderate-income (LMI) households after the Land Use Restriction Agreement expires in approximately seven years. The property stands out for its \"YIGBY\" (Yes In God\'s Back Yard) origins, developed on surplus land from an adjacent Lutheran Church and uniquely subdivided into 16 individual lots to facilitate future sales, countering typical \"NIMBY\" resistance to affordable housing. While lacking shared amenities, it provides significant resident benefits like attached single-car garages, driveways, private yards for each three-bedroom home, high-efficiency HVAC systems with central air, Energy Star appliances (including ranges, refrigerators, dishwashers, microwaves, and disposals), deadbolt locks for safety, and one ADA-accessible unit.