Gateway establishes Participation Loan Pools in St. Louis and Kansas City
Work is progressing toward establishing Participation Loan Pools in St. Louis and Kansas City. The loans will be made for the purpose of creating or preserving affordable housing in Gateway’s target markets. The focus of a loan pool in St. Louis will be for intermediate to long term lending for mortgages on LIHTC properties which have reached the end of the compliance period. The funds would be used to refinance the remaining portion of the first mortgage and, in some cases, provide for rehabilitation of the property and ownership by the current general partner.