State Tax Credit Loan

[Rich Hupper]

Hello out there BP.

A developer down the street bought an old building and did a great job bringing it back to life. After researching the title on that property, I discovered he used a loan I am unfamiliar. It is called a "State Tax Credit Loan". He also used a construction and permanent loan. The loan is broken down into two notes. One is for $880k. The other is for $403k.  The Mortgage document says that these notes can be increased or decreased depending upon the amount of Massachusetts historic rehabilitation tax credits and housing development tax credits. 

Additionally another clause in the  mortgage document says the following: "mortgagee acknowledges and consents to the following other mortgage indebtedness encumbering the premises ( the senior loan ): a construction and permanent loan in the amount of 3.3 million made by the xxxxxxx LLC to the borrower and secured by a first priority mortgage encumbering the project, a bridge loan in the amount of 182k  made by ( an unknown person ) and bridge loan made by ( another unknown person ).

Anyone familiar with the construction and permanent loan as well as the state tax credit loan? How do you apply for them? Are they hard to qualify for? 

I would like to find loans like this to do a similar project near by. However this is all new to me. 

Thank you for your help.