Institute for Community Economics: Applying for a Loan

INSTITUTE FOR COMMUNITY ECONOMICS, INC.

57 School Street
Springfield, MA 01105-1331
(413) 746-8660
Fax: (413) 746-8862

ICE REVOLVING LOAN FUND APPLICATION

*Please contact an ICE Loan Officer if you have any questions.

ORGANIZATION: _________________________________

1.	Loan Request Detail
	Amount:	Term (repayment period):
	Points:	Affordable Interest Rate:

	Proposed Payment Schedule:
	Purpose of Loan:

2.	When ICE’s decision is needed:	Why?
	When loan funds are needed:	Why?

What alternatives to ICE are you seeking?

Please describe status of request and likelihood of using ICE’s funds:

4.	Total Project Cost:


5.	Please provide the materials listed below.

Annotate this checklist to indicate whether items are included in packet or will be sent under separate cover. Label each section of your packet with the corresponding letter. A complete application will facilitate a more timely processing of your request.

A ___ Organizational Background:

Include type of organization, IRS tax status, history, staffing, and brochures.

B ___ Board of Directors:

Describe structure of board. Include a list of current board members annotated to indicate affiliation (if applicable) and occupation of individual members. Please describe the diversity of board membership with regard to income, gender, and race. Also include minutes from the last three (3) board meetings.

Board President: _______________________________ Phone #:___________________________

C ___ Detailed Project Description

D ___ Project Timetable:

Include all relevant stages of development process (e.g., acquisition, start construction, end construction, start marketing, rent-up period, etc.)

E ___ Zoning:

Describe current zoning; is a variance needed?

F ___ Site Control:

Describe status. Attach purchase and sales agreement or letter of interest or intent if available. Describe any liens you are aware of on the property and who will be responsible for clearing them.

G ___ Marketing Plan (if applicable)

H ___ Property Management Contract or Plan

I ___ Resident Training Plan or Co-Op Conversion Plan

J ___ Development Team:

Describe experience and qualifications of key individuals involved in all stages of the project. Attach resumes. List names and numbers below. (We will only call if we receive prior consent.)

	Name	Phone #
Developer:
Organizer:
Finance Officer:
General Contractor:
Architect:

K ___ Technical Assistance:

Include names and phone numbers of those providing you with technical assistance and detail their services.

L ___ Social Impact:

Describe whom this project affects, income of current residents, affordability of units developed, area median income, plans for long-term affordability, # of units developed, resident participation in development and management, and any displacement that may result.

M ___ Sources and Uses:

Include all sources and uses of funds needed for the development and operation of the project. Distinguish among sources in-hand, committed, conditionally committed, and uncommitted. Distinguish between debt and equity, and include terms when relevant (e.g. interest rate, payment schedule, mortgage position, etc.). Include contact name and phone number for each source of funds. See Section 3.1 of "Borrowers Guidelines".

N ___ Development Budget:

Include all related costs (e.g. construction costs, soft costs, holding costs, loan fees, contingencies, etc.). See Section 3.2 of "Borrower Guidelines".

O ___ Detailed Construction / Rehab Estimates:

P ___ Contract with General Contractor and Architect (if available):

Q ___ Operating Budget:

Include projection for at least the full term of ICE’s loan. See section 3.3 of Borrowers Guidelines".

R ___ Organizational Financials:

R1 ___ Most recent audited annual report.

R2 ___ Last quarter’s balance sheet and income / expense statement.

R3 ___ Most recent organizational budget.

S ___ Security:

Describe the condition and value of the collateral. Include appraisal or expert letter of opinion.

T ___ Environmental Assessment of Collateral:

Please describe any potential environmental hazards, any tests you have already conducted, or any plans for future testing.

U ___ Takeout:

Explain how the ICE loan will be repaid. Include letters of interest or commitments (if available).

V ___ References:

If your organization has not worked with ICE before, provide names and phone numbers of individuals and groups in your community familiar with your work.

W ___ Recorded Articles of Incorporation:

X ___ Bylaws:

Y ___ IRS Determination Letter:

6.	Full Legal Name of Borrower:
7.	Mailing Address:
8.	Street or Legal Address:
9.	Office Phone Number:
10.	Contact Person for Loan Request:
11.	Home Phone Number of Contact:
12.	Name(s) and Address(es) of people that will sign loan documents:
13.	Name and Address of contact person making loan payments:
14.	Borrower’s Attorney:

ICE prepares its own promissory note and loan agreement to be signed by the Borrower. The Borrower’s attorney prepares the security agreement and records the collateral. All legal expenses are paid by the Borrower.

	Name:
	Firm:
	Street Address:
	Phone Number: