Community Development
As a certified Community Development Financial Institution (CDFI), we are committed to providing fair and affordable financial products to help create economic opportunity in low and moderate income communities.
Affordable Housing Financing
Devoted to Helping Communities Grow
As a Community Development Financial Institution (CDFI) certified by the U.S. Department of Treasury, Legacy Bank & Trust is committed to providing affordable, fair financial services that meet the needs of underserved areas and customers with varying economic situations. All Community Development Financial Institution’s share a common mission of stimulating economic job growth by financing local businesses, creating jobs, and rebuilding neighborhoods. We are no exception.
Our focus includes the rehabilitation of historic properties, development of low-income housing, and support of renewable energy efforts, just to name a few. We’re also honored to financially assist individuals, families, and local businesses committed to community growth.
As a CDFI, Legacy Bank & Trust has received multiple Capital Magnet Fund awards providing more than $26 Million used to help subsidize qualifying affordable housing projects throughout several states.
Affordable Housing Financing
Meet the Team
Eric Leonard
EVP, CLO
Julie Snodderly
SVP, Director of
Originations
Olivio Ochoa
SVP, Affordable Housing
Ken Overshiner
SVP, Affordable Housing
Misty Sutphen
SVP, Director of Operations
Low Income Housing Tax Credits Financing
We Offer Multiple Financing Options
Legacy Bank & Trust is a leader in financing affordable housing nationwide being named a Top 25 Lender by Affordable Housing Finance in 2022 and 2024. With more than $1 Billion in development financed in more than 25 states, we have a quick and efficient process to get any development from application to closing.
Pre-Development Line of Credit
- Line of credit to fund re-development project costs on awarded projects
- Up to 70% LTC on land take-downs
- Single-pay options available with no payments required until payoff or maturity
- Maturities up to 12 months
- Low-cost internally prepared loan documents
Letters of Credit
- Completion Assurance and Latent Defect letters available in support of projects financed through Legacy
- Low-cost internally prepared loan documents
- May be unsecured with sufficient guarantor support
- Flexible structure to meet the needs of the Beneficiary
Construction Financing
- Competitive fixed rate
- 24-month term with available extension options
- Quick and efficient internal draw process
- Capital Magnet Funds may be available for qualifying projects
- Attorney prepared loan documents
- Shared 3rd party reports and inspections to save time and money
Permanent Financing
- Competitive fixed rate
- Terms up to 17 years
- Amortization of up to 35 years
- Capital Magnet Funds may be available for qualifying projects
- Attorney prepared loan documents
- FHA/HUD or Agency permanent mortgage options available through Legacy Capital
Affordable Housing Projects
Recent Projects
Mariposa at Scott and White Boulevard, Temple, Texas
Renaissance Flats, Talent, Oregon
Clifton Riverside Apartments, Fort Worth, Texas
Capital Magnet Fund
Financing Affordable Housing Solutions
As a Community Development Financial Institution (CDFI), Legacy Bank & Trust applies for annual grants to help subsidize the financial burden that developers often face while completing a Low-Income Housing Tax Credit development. The Capital Magnet Fund offers competitively awarded grants to finance affordable housing solutions and community revitalization efforts that benefit low-income people and communities nationwide. On a national level, the Capital Magnet Fund has generated $20 of additional investment for every $1 of award funding.
Financial Literacy
Legacy Bank & Trust has partnered with Banzai to bring you clear, in-depth lessons that help you dive into the financial topics you care most about. Click here to access Banzai.
Community Reinvestment Act Participations
Streamline Your CRA Credit Process
As a nationwide leader in financing low income housing tax credit (LIHTC) and affordable housing projects, Legacy Bank & Trust has many opportunities for loan participation or loan sales that allow institutional investors to support community development while also satisfying CRA needs. We are committed to the ongoing establishment and flourishing of our neighborhoods and businesses, as well as providing a streamlined process to execute, collaborate, and carry out loan sales or participations in tandem. Reach out to one of our experts for more information, or click the link below to learn about current CRA credit opportunities available to you and your organization.
Driven to Deliver
Community Impact
Legacy Bank & Trust is expected to lend $1 billion to High Poverty Areas over 2024-2026. They are a Leader in the Emergency Capital Investment Program (ECIP) , a Top 25 in ECIP Deep Impact Lending, and rank in the Top 7 by total dollar amount of lending to Indian Reservations and Native Homelands.
Questions? Contact Us Today
Legacy Bank & Trust is here to serve all your financial needs. If you have any questions about our services, please feel free to give us a call.