Subsequent Loan Program
The Subsequent Loan Program provides additional financing to owners of existing MaineHousing-financed properties for such things as unanticipated operating shortfalls, capital improvements, property rehab, energy efficiency improvements, creation of new units, and equity takeout. The term of the loan is up to 30 years. In return for the subsequent loan, owners usually must extend affordability of the units.
Equity takeout is permitted only if MaineHousing determines that capital needs and reserves are adequately addressed.
The interest rate is currently 6.0%