BMIR financial definition of BMIR
below-market interest rate (redirected from BMIR)
Also found in: Acronyms
below-market interest rate (BMIR)
Government-subsidized interest rate concessions offered to spur development,usually in a particular market segment,such as low-income housing,or in particular market areas,such as parts of the country heavily damaged by natural disasters.In the housing industry, the borrower is generally required to pass along the savings to consumers in the form of lower rents.
References in periodicals archive
Private owners of nonprofit facilities are eligible as long as they fulfill requirements of Section 202; Section 8 project-based, including Rural Housing Services' Section 515; Section 221(d)(3) BMIR
, and Section 236 housing developments designated primarily for occupancy by the elderly for at least five years.
"The Effect of BMIR
Housing on Property Values." LAND ECONOMICS 48: 282-6.
The apartment complex was funded under Section 221(d)(3) of the National Housing Act with a direct mortgage loan of $2,859,000 at a below-market interest rate (BMIR
) of 3 percent per annum for 40 years.