Updated over 6 years ago on . Most recent reply
Funding for a State guaranteed grant rehabilitation
The City of Hartford and the State of Connecticut have a grant revitalization and development program. There is an old warehouse which can be converted into legal 50 2 bedroom and 1 bath units. However, it's in pretty bad shape. Has asbestos and needs to be stabilized. The total cost of the rehab would be around 8 million dollars and the governments are throwing in around 80% in terms of a grant. In addition, they are offering 20 years of zero property taxes. The only restriction on the new building would be 1/3 has to be affordable housing. The building will be owned 100% by me. I've done other conversions before, just not as big. The largest one was 400k, and I was able to handle that myself. I can bring to the table 500k - 750k if need be.
Are there any lenders that would factor the money from the guaranteed grant? Looking for options as the State and City want to see proof of funds so we can handle the project. I already have the team in place, just concerned about the funding issue.