In June, MCC closed a construction-to-permanent loan in support of Delara Chase, a 116-unit 9% LIHTC rehab project with 110 units limited to 30%, 50%, and 60% AMI, including 20 units supported by a Section 8 HAP contract. Originally, the project was expected to receive funds through the Greenhouse Gas Reduction Fund (GGRF).

However, due to the federal government’s review of federal funding commitments, the borrower was informed that GGRF funds would not be available less than a month before the scheduled closing. Fortunately, we were able to step in and fill the gap, supporting the construction and permanent financing needs of the project and bringing units with deep affordability online to support the Ft. Worth community.