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Developer Jim Lavelle tells EDA funding is tight, HUD refinance could lower Article 7 borrowing costs
Summary
Developer Jim Lavelle briefed the EDA on regional development conditions, said his team secured a HUD commitment enabling a 35-year amortization and lower long-term rates for their Article 7 building, and warned smaller downtown parcels need gap financing such as TIF or tax credits to be feasible.
Developer Jim Lavelle gave a market update and described financing outcomes for several projects. He told the EDA his team has a HUD commitment that would allow a 35-year amortization for the Article 7 building and would lower the long-term interest rate the project pays. "We actually just got our commitment last week, which allows us to lock the interest rate," Lavelle said, adding the 10-year Treasury yield fluctuations meant staff had not yet…
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