I have a loan with proceeds totaling several million dollars that I am trying to qualify as a CDL - tell me what you think. First, some background: This past summer, our MSA went through a historical flood, affecting all of our LMI census tracts along with some areas outside of those tracts. The entire county has been declared a federal disaster area.

The loan we did was to a company that owns several apartment complexes and other residential rental properties. None of the properties that serve as collateral for our loan were flood damaged and were not in the LMI CT's. However, we refinanced and restructured this loan to ease cash flow for the company allowing them to repair the flood-affected properties they own. Without this restructure, they would not have been able to afford to repair the properties further deteriorating this disaster area. Is that something you think would qualify?

I would appreciate any comments on what documentation or further research I would need to get this monster to qualify.

Thanks!

From the Q and A:
The joint final rule also revised the
term ‘‘community development’’ to
include banks’ activities that revitalize
or stabilize designated distressed or
underserved nonmetropolitan middleincome
areas or designated disaster
areas.

I would definitely give it a whirl.

I agree with Rizzo, this would qualify.