Community Advances
The Community Advance streamlines multiple community advance products into a single product with an improved application and approval process. The new Community Advance product enhances financing and activity eligibility, while offering competitive pricing to support your lending initiatives that incentivize community impact activities..png?sfvrsn=28e23e65_1)
The Benefits of Community Advance
The Community Advance offers an improved process for application and approval as well as product improvements to eligibility, pricing, and requirements.
- Both floating and fixed rate advances available
- No match funding requirements
- Improved pricing through tiered discounts of up to 200bps based on financing type or underlying activity supported such as housing construction and rehabilitation loans, and funding for non-depository CDFI and nonprofit mortgage originators.
- Expanded eligibility includes mortgage-backed securities, revenue bonds, LIHTCs; loans to/purchases from non-depository CDFIs & nonprofit originators; all eligible small businesses qualify—no AMI limit.
- Streamlined documentation, including upfront certifications.
- Frictionless online application and approval process will minimize time to apply, confirm eligibility, and receive approval within minutes.
One Flexible Community Advance
Simplifying Access, Expanding Eligibility, Improving Pricing.
Enhanced Experience
- Single Community Advance product
- Online application with faster processing
- Consistent terms and requirements
Expanded Eligibility
- Loan originations, securities comprised of affordable mortgages, participation interests, and LIHTC credits
- Loans to/purchases from non-depository CDFIs and non profit mortgage originators.
Better Pricing
- Discounts: 10.5 to 200 basis points (bps)
How Can You Participate?
Community Advance Product SheetIdentify
Identify eligible activities within your communities that can be supported through your participation in the product — activities must be closed or settled within the past 90 calendar days from the advance execution
Complete
Complete the online application and get real-time eligibility confirmation and approval within minutes — no more waiting 24 to 48 hours
Submit
Submit streamlined documentation, including upfront member certification