What information do I need to provide to begin the process?
To start, you’ll need a project proposal with objectives and timeline, financial details (including budgets and funding sources), developer credentials, and a market analysis demonstrating local demand.
What factors does Stearns Bank consider when evaluating affordable housing projects?
Stearns Bank considers project viability, financial structure, developer experience, and community impact. We look for a strong demand for affordable housing, a sound financial plan, proven developer expertise, and alignment with broader community goals, ensuring each project supports sustainable, impactful development.
Is there a minimum or maximum loan amount for affordable housing projects?
Stearns Bank provides adaptable financing options for affordable housing projects of all sizes.
How large is Stearns Bank’s affordable housing team, and where are your offices located?
Stearns Bank is based in St. Cloud, Minnesota and operates with a dedicated team of four (4) affordable housing finance experts that serve clients nationwide.
Does Stearns Bank lend only to fulfill Community Reinvestment Act (CRA) requirements?
No, our commitment to affordable housing goes beyond CRA requirements. Our investments reflect a dedication to community development and sustainable impact, not merely regulatory obligations. We strive to make a meaningful difference through our support for projects that address housing needs and contribute to long-term community growth.