Common use of Eligible Project Costs and Leveraged Costs Clause in Contracts

Eligible Project Costs and Leveraged Costs. Eligible Project Costs, which include Leveraged Costs, must be consistent with 12 C.F.R. § 1807.500 and are further limited by the following: (a) No costs attributable to Direct Administrative Expenses may be reported as Leveraged Costs. (b) No costs attributable to prohibited uses as identified in 12 C.F.R. § 1807.302(a) and § 1807.302(b) or any in Section 3.5 below may be reported as Eligible Project Costs. (c) Notwithstanding the foregoing paragraphs of this Section 3.4, costs are deemed Eligible Project Costs only if they are expenses that are reasonable, necessary, and non- luxury, and are related to the Development, Preservation, Rehabilitation, and/or Purchase of Affordable Housing (or Community Service Facilities and/or other physical structures, in the case of Economic Development Activities). (d) CMF Award dollars and Leveraged Costs may be used to pay for the Eligible Project Costs contained in Section 3.4(e) if all of the following conditions are met: (i) They were incurred not more than thirty-six (36) months prior to the date that the CMF Award dollars are Committed to the Project; (ii) They were incurred for a Project that achieves Project Completion on or after the Announcement Date; and (iii) The Recipient expressly permits the CMF Award to be used to pay for Eligible Project Costs in a written agreement. (e) Eligible Project Costs are calculated for each Project at Project Completion and include all eligible costs incurred in achieving Project Completion. Eligible Project Costs may be incurred during multiple phases of development of the same Project but in no event exceed the total development cost of the Project, as outlined below. Eligible Project Costs include: (i) Development hard costs. The actual cost of constructing or rehabilitating Affordable Housing (or Community Service Facilities and/or other physical structures, in the case of Economic Development Activities). These costs include, but are not limited to: all costs necessary to meet the standards in 12 C.F.R. § 1807.503; the costs to make utility connections; the costs for environmental remediation; the costs to make improvements to the project site that are in keeping with improvements of surrounding, standard projects and site improvements, which may include on- or off-site roads and utilities necessary to the development of the project. A development project consists of one or more buildings or structures on the same site (or on scattered sites if developed together) that are considered one property under the same ownership. (ii) Refinancing costs. The dollar amount of the equity investment, grant or loan to refinance existing debt with new debt funded in whole or in part with a CMF Award. The debt must be secured by the Housing associated with the Project in order to make or preserve it as affordable, in accordance with 12 C.F.R. § 1807.400 et seq.

Eligible Project Costs and Leveraged Costs. Eligible Project Costs, which include Leveraged Costs, must be consistent with 12 C.F.R. § 1807.500 and are further limited by the following: (a) No costs attributable to Direct Administrative Expenses may be reported as Leveraged Costs. (b) No costs attributable to prohibited uses as identified in 12 C.F.R. § 1807.302(a) and § 1807.302(b) or any in Section 3.5 below may be reported as Eligible Project Costs. (c) Notwithstanding the foregoing paragraphs of this Section 3.4, costs are deemed Eligible Project Costs only if they are expenses that are reasonable, necessary, and non- luxury, and are related to the Development, Preservation, Rehabilitation, and/or Purchase of Affordable Housing (or Community Service Facilities and/or other physical structures, in the case of Economic Development Activities). (d) CMF Award dollars and Leveraged Costs may be used to pay for the Eligible Project Costs contained in Section 3.4(e) if all of the following conditions are met: (i) They were incurred not more than thirty-six (36) months prior to the date that the CMF Award dollars are Committed to the Project; (ii) They were incurred for a Project that achieves Project Completion on or after the Announcement Date; and (iii) The Recipient expressly permits the CMF Award to be used to pay for Eligible Project Costs in a the written commitment agreement. (e) Eligible Project Costs are calculated for each Project at Project Completion and include all eligible costs incurred in achieving Project Completion. Eligible Project Costs may be incurred during multiple phases of development of the same a Project but in no event exceed the total development cost of the Project, as outlined below. Eligible Project Costs and include: (i) Development hard costs. The actual cost of constructing or rehabilitating Affordable Housing (or Community Service Facilities and/or other physical structures, in the case of Economic Development Activities). These costs include, but are not limited to: all costs necessary to meet the standards in 12 C.F.R. § 1807.503; the costs to make utility connections; the costs for environmental remediation; the costs to make improvements to the project site that are in keeping with improvements of surrounding, standard projects and site improvements, which may include on- or off-site roads and utilities necessary to the development of the project. A development project consists of one or more buildings or structures on the same site (or on scattered sites if developed together) that are considered one property under the same ownership. (ii) Refinancing costs. The dollar amount of the equity investment, grant or loan to refinance existing debt with new debt funded in whole or in part with a CMF Award. The debt must be secured by the Housing associated with the Project in order to make or preserve it as affordable, in accordance with 12 C.F.R. § 1807.400 et seq.

Eligible Project Costs and Leveraged Costs. Eligible Project Costs, which include Leveraged Costs, must be consistent with 12 C.F.R. § 1807.500 and are further limited by the following: (a) No costs attributable to Direct Administrative Expenses may be reported as Leveraged Eligible Project Costs. (b) No costs attributable to prohibited uses as identified in 12 C.F.R. § 1807.302(a) and § 1807.302(b) or any in Section 3.5 below may be reported as Eligible Project Costs. . (c) All costs attributable to Affordable Housing Activities and Economic Development Activities must be reported as Eligible Project Costs and must be for Affordable Housing or for Economic Development Activities (d) Notwithstanding the foregoing paragraphs of this Section 3.4, costs are deemed may only be treated as Eligible Project Costs only if they are expenses that are reasonable, necessary, and non- luxurynon-luxury (all as determined by the CDFI Fund), and are related to the Development, Preservation, Rehabilitation, and/or Purchase of Affordable Housing (or Community Service Facilities and/or other physical structures, in the case of Economic Development Activities). (de) CMF Award dollars and Leveraged Costs may be used to pay for the Eligible Project Costs costs contained in Section 3.4(e3.4(f) if all of the following conditions are met: (i) They were incurred not more than thirty-six (36) months prior to the date that the CMF Award dollars are Committed to the Project; (ii) They were incurred for a Project that achieves Project Completion on or after the Announcement Date; and (iii) The Recipient expressly permits the CMF Award dollars to be used to pay for Eligible Project Costs these costs in a the written commitment agreement. (ef) Eligible Project Costs are calculated for each Project at Project Completion and include all eligible costs incurred in achieving Project Completion. Eligible Project Costs that may be incurred during multiple phases of development of the same Project but in no event exceed the total development cost of the Project, treated as outlined below. Eligible Project Costs include: (i) Development hard costs. The actual cost of constructing or rehabilitating Affordable Housing (or Community Service Facilities and/or other physical structures, in the case of Economic Development Activities). These costs include, but are not limited to: all costs necessary to meet the standards in 12 C.F.R. C.F.R § 1807.503; the costs to make utility connections; the costs for environmental remediation; the costs to make improvements to the project site that are in keeping with improvements of surrounding, standard projects and site improvements, which may include on- or off-site roads and utilities sewer and water lines necessary to the development of the project. A development project consists of one a building or more group of buildings or structures on the same site (or on scattered sites if developed together) that are considered one property under the same ownership. (ii) Refinancing costs. The dollar amount of the equity investment, grant or loan to refinance existing debt with new debt funded in whole or in part with a CMF Award. The debt must be secured by the Housing associated with the Project in order to make or preserve it as affordable, in accordance with 12 C.F.R. § 1807.400 et seq.