Alternate Financing Sources. It is the intent of the parties to maximize the leverage of Authority funds and to this end, Developer shall use commercially reasonable efforts to secure sources of non-local subsidies for Phase II, including an allocation of federal Tax Credits for Phase II, in accordance with Section 3.10.1(a), other local, state, and federal loans and grants, and federal credits and rebates for energy efficient appliances to be installed at Phase II in accordance with the Scope of Development and the approved Development Plans. Developer acknowledges that other sources of Phase II funding may impose and require compliance with additional federal, state, and/or local requirements, such as requirements relating to the HOME Investment Partnerships Act and other HUD requirements, and Developer hereby agrees to comply with any and all such requirements to the extent applicable to Phase II.
Alternate Financing Sources. It is the intent of the parties to maximize the leverage of Authority funds and to this end, Developer shall use commercially reasonable efforts to secure sources of non-local subsidies fo the Project, including an allocation of federal 9% Tax Credits for the Project, in accordance with Section 310.1(a), an AHP Loan, other local, state, and federal loans and grants, and federal credits and rebates for energy efficient appliances and other energy-efficient and green building features to be installed at the Project in accordance with the Scope of Development and the approved Development Plans. Developer shall apply for and shall attempt to increase the chance of obtaining an award of Tax Credits by maximizing the points maintained by the Project, including readiness point and tie-breaker points, and shall re-apply for Tax Credits within the times set forth in Section 310.1(a) and in the Schedule of Performance attached to each Implementation Agreement for the Project, in the event the Project does not receive an allocation of Tax Credits in response to the first Tax Credit Application submitted by Developer. Developer acknowledges that other sources of Project funding may impose and require compliance with additional federal, state, and/or local requirements, such as requirements relating to the HOME Investment Partnerships Act and other HUD requirements, and Developer hereby agrees to comply with any and all such requirements to the extent applicable to the Project.
Alternate Financing Sources. It is the intent of the parties to maximize the leverage of Project Based Section 8 assistance and if applicable Agency funds by making every effort to secure sources of non-local subsidies for the Project. Developer has applied for and obtained a commitment for construction and permanent financing from Clearinghouse CDFI in the amount of $4,436,130 (construction loan) and $2,380,000 (permanent loan) and additional construction financing from the prior owner of the Site in the amount of $500,000. In addition, Developer has applied for an MHP Loan from the MHP Supportive Housing Program administered by HCD in an amount of $2,950,000 as permanent financing for the Project. The parties further acknowledge and agree that a Deferred Developer Fee in the amount of $104,380 has been agreed to. Upon completion of construction of the Apartment Complex, Developer shall cause its accountants to perform a final audit of the costs of Rehabilitation of the Apartment Complex in accordance with generally accepted auditing standards (“Audit”).
Alternate Financing Sources. It is the intent of the parties to maximize the leverage of Authority funds by making every effort to secure sources of non-local subsidies for the Development. Developer has applied for and obtained an allocation of (federal 9%) Tax Credits for the Apartment Complex. Upon completion of construction of the Apartment Complex, Developer shall cause its accountants to perform a final audit of the costs of development of the Apartment Complex in accordance with the requirements of the Tax Credits and generally accepted auditing standards (“Audit”). If the Audit determines that the total sources of permanent financing for the Apartment Complex (including long-term permanent debt and equity) exceed the total development cost for the Apartment Complex (including, without limitation, all hard and soft costs and all on-site and off-site improvements required in connection with the development of the Apartment Complex), Developer shall pay to Authority an amount equal to such excess, which amount shall be applied to the repayment of Authority Loan.
Alternate Financing Sources. It is the intent of the parties to maximize the leverage of Authority funds by making every effort to secure sources of non-local subsidies for each Project, including grants, and federal credits and rebates for the energy efficient appliances to be included in the Projects in accordance with the Scope of Development. Developer shall apply for an allocation of federal 9% Tax Credits for each Project, in accordance with Section 310.1(a) and (b), and shall attempt to increase the chance of obtaining an award of Tax Credits by maximizing the points maintained by each Project, including readiness points, and shall re-apply for Tax Credits within the times set forth in Section 310.1(a) and (b) and in the Schedule of Performance attached to each Implementation Agreement for each Project in the event either Project does not receive an allocation of Tax Credits in response to the first Tax Credit Application submitted by Developer.
