An Excerpt
Overall, HPN members found portions of the 2016 CMF application confusing and difficult to complete. Mortgage lenders, multifamily and single-family developers, and CDFIs that finance community facility projects all have very different financial profiles and strategies which should be taken into account when drafting the application.
For example, CDFIs had difficulty filling out the pipeline questions in the 2016 CMF application. It is not possible for CDFIs to accurately provide the requested level of detail on specific deals and leverage during the application stage. Allowing for a less specific pipeline information from CDFIs would provide a better depiction of the types of deals the CDFI would like to finance with CMF dollars without requiring false precision.
Similarly some nonprofit developers that do not have a loan portfolio had difficulty completing the loan portfolio tables. Possible solutions to both of these concerns could be to have alternate questions depending on the type of applicant or allow the applicant flexibility on the type of information they need to provide in each section.