Allocation for One Project Only Sample Clauses

Allocation for One Project Only. In the event Developer receives an allocation of 9% Tax Credits for one Project only, Developer shall provide evidence satisfactory to Authority Executive Director that Developer will be able to construct both Projects concurrently prior to accepting the award of Tax Credits for only one Project. Developer acknowledges and agrees that, as a practical matter, the Projects must be constructed and completed concurrently and neither Project may be commenced unless and until Developer has secured financing and funding commitments sufficient to complete the construction of both Projects, either due to an extension of the 150 day test under the Tax Credit Rules or otherwise.