SDS Impact Debt
Making Affordable Housing Financing…
More Affordable.
Building Your
Impact Capital Stack
The SDS Impact Debt team provides capital solutions for affordable housing development across the U.S., leveraging the expertise and relationships within the SDS Family of Impact Financial Products. By cross-collateralizing resources across all SDS product lines, we engineer efficient capital stacks that enhance your impact. Our team supports affordable housing capital markets and private credit needs while identifying alternative funding sources such as New Market Tax Credits and SDS-managed equity products. Our goal is to craft a comprehensive financing solution that maximizes your impact.
150-250 bps
in Interest Rate Savings
6-9 Months
to fully fund
Up to 85%
leverage
0%-120% AMI
of vulnerable people housed
TARGET TERMS *
- Senior and/or Junior debt
- 60-85% Loan to Cost (LTC)
- 60-85% Loan to Value (LTV)
- 4.5% - 9.0% interest rate
- 3-20 year term with or without mini-perm extensions
- 1.05-1.20x debt service coverage ratio (DSCR)
*Subject to final appraisal and underwriting
USES OF FUNDING
VALUE-ADD
ACQUISITIONS
CONSTRUCTION
PERMANENT
FINANCING
RECAPITALIZATION
By accessing capital markets, SDS is able to provide debt solutions for the preservation and production of affordable or workforce housing nationwide.
Managing Director
SDS Impact Debt
SDS HOUSING IMPACT
23 Years
of SDS Impact Investing
6,000
# of PSH and AH units financed by different SDS vehicles/funds
2,000+ units
in process of being funded
IS YOUR PROJECT A FIT?
- US Based Project
- 6-9 months to secure and close (from engagement)
- Minimum $20M in debt need
- Minimum of 25% of units affordable at incomes of ≤ 80 of Area Median Income (AMI)
- Ownership can be for-profit or non-profit
- Sponsor must have:
Minimum of 10% of total development costs in liquidity; and- 1:1 of total development costs in net assets
- Property secured with an assignment of the deed of trust
- Sponsors and investors are subject to KYC review
The Team:
SDS Impact Debt is spearheaded by Managing Director Jason Riffe. This debt platform is the sixth product on the SDS finance platform, and its first to focus exclusively on debt for affordable housing. Sponsors funded by SDSID will also have access to the other financial products provided by SDS. The business line is further supported by a joint venture between SDS and Thropo Capital, which Mr. Riffe founded in 2024.
