Eligible Uses of Funds
Prosper Portland provides loans at different stages of the real estate development process for a variety of project costs. Most costs related to the development are eligible for Prosper Portland’s assistance, including:
- hard and soft project costs,
- development feasibility analysis,
- property acquisition associated with a redevelopment project,
- environmental analysis and remediation,
- seismic upgrades and tenant improvements, and
- public infrastructure improvements related to a development project.
If property acquisition costs are included as part of the requested funding, no more than 49% of the total TIF funds for the project may be used to pay for acquisition.
This program is geared toward assisting developers or business owners that occupy 50% or less of the project space. For business owners that occupy more than 50% of the project space, Prosper Portland Business Finance programs may be more appropriate.
Loan types available include predevelopment, construction, and permanent financing. To be considered for construction and permanent financing, the project must be ‘shovel-ready’ and have secured primary financing.
The program will be used to negotiate terms for financial assistance in a disposition of Prosper Portland-owned property under a Disposition and Development Agreement.
The program is not intended to be used for development of solely residential projects. To qualify as mixed-use, an eligible project that includes housing must also include significant commercial space or work/live units.