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#1903980 - 03/10/14 09:32 PM Community Development Loans
Somer Offline
Junior Member
Joined: May 2013
Posts: 43
We are a SIB. I have An Affordbale Housing development loan amount over a $1M. The property was a forcelosure that was sold to a developer with 3 out of 20 houses already built on the property. Can we report this a CD loan, or do we have to list as HMDA reportable because of the existing structures on the property.

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#1904007 - 03/11/14 01:44 AM Re: Community Development Loans Somer
Kathleen O. Blanchard Offline

10K Club
Kathleen O. Blanchard
Joined: Dec 2000
Posts: 21,293
Is your loan a construction loan? Is it temporary financing?
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#1904084 - 03/11/14 02:40 PM Re: Community Development Loans Somer
Somer Offline
Junior Member
Joined: May 2013
Posts: 43
The funds were used to purchase the property. The term is 36 months.

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#1904267 - 03/11/14 06:30 PM Re: Community Development Loans Somer
Pale Rider Offline
10K Club
Pale Rider
Joined: Aug 2002
Posts: 34,318
under the Lone Star
Sounds like you have a loan to a developer. Not construction and not a purchase loan to end user individuals....
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