FUNDING FOR AFFORDABLE HOUSING Sample Clauses

FUNDING FOR AFFORDABLE HOUSING is comprised of Federal Funds, Provincial Funds and City Funds, if applicable. Federal Funds, Provincial Funds and City Funds will be advanced to the Proponent in the form of a Loan, during the Development Activities.

FUNDING FOR AFFORDABLE HOUSING. 2.1 The Proponent agrees to advance as its equity contribution to the Project the amount of XX million, XX hundred XX thousand dollars ($X,XXX,XXX) on or before the commencement of Development Activities and provide written confirmation to the City that the equity contribution has been advanced.

FUNDING FOR AFFORDABLE HOUSING. 2.1 The Proponent agrees and understands that construction of the Project shall commence within 120 days of the Date of Commitment; otherwise, Funding for the Project may be cancelled. 2.2 The Proponent agrees and understands that construction of the Project shall be completed by the end of the subsequent fiscal year of the funding year and that Funding will not be advanced after that time. 2.3 The Proponent warrants to the County that the Project is financially viable from a construction and operating costs perspective. 2.4 The Proponent acknowledges and understands that all Funding is subject to availability by the Minister, and the County shall not be obligated to fulfill any funding request under this Agreement where the Minister has advised the County that funding is not available. 2.5 The County agrees to provide to the Proponent, upon the terms and subject to the conditions set out in this Agreement, total Funding in the amount of $13,422 for the Project. 2.6 The Proponent agrees that the Funding will be advanced by the County to the Proponent as follows: (i) Within five (5) business days of the Project start date, as determined by Section 2.7 herein, 80% of the total Funding, less any statutory holdback as required by the Construction Act, R.S.O. 1990 c.C.30, as amended (“Construction Act”); and (ii) Within five (5) business days of the date the Project is completed, as determined by Section 2.7 herein, 20% of the Funding, less any statutory holdback as required by the Construction Act. 2.7 The Project start date and Project completion date described in section 2.6 above shall be determined at the sole discretion of the County, taking into consideration, and without limitation, any or all of the following factors: physical manifestation of work performed on the Project, issuance of building permits, issuance of building department inspection reports, and site inspections. 2.8 The County shall disburse the amount so withheld pursuant to the Construction Act following its receipt of satisfactory evidence that such construction is substantially complete within the meaning of the Construction Act and provided that said Construction Act is complied with. 2.9 The Proponent shall use the Funding solely for the purpose of its Project. 2.10 The County shall disburse advances of the Funding to the Proponent in accordance with section 2.6 herein so long as prior written notice is provided by the Proponent to the County requesting funding and provided that the...

FUNDING FOR AFFORDABLE HOUSING is comprised of Funds held by the County. Funds will be advanced to the Proponent in the form of a Loan, during the Development Activities.

FUNDING FOR AFFORDABLE HOUSING. 2.1 The Proponent agrees and understands that construction of the Project shall commence within 120 days of the Date of Commitment; otherwise, Funding for the Project may be cancelled. 2.2 The Proponent agrees and understands that construction of the Project shall be completed by the end of the subsequent fiscal year of the funding year and that Funding will not be advanced after that time. 2.3 The Proponent warrants to the County that the Project is financially viable from a construction and operating costs perspective. 2.4 The Proponent acknowledges and understands that all Funding is subject to availability by the Minister, and the County shall not be obligated to fulfill any funding request under this Agreement where the Minister has advised the County that funding is not available. 2.5 The County agrees to provide to the Proponent, upon the terms and subject to the conditions set out in this Agreement, total Funding in the amount of $1,795 for the Project. 2.6 The Proponent agrees that the Funding will be advanced by the County to the Proponent as follows: (i) Within five (5) business days of the Project start date, as determined by Section

FUNDING FOR AFFORDABLE HOUSING. 2.1 The Proponent agrees to advance as its equity contribution to the Project the amount of $0, in the form of a contribution of land, on or before Occupancy is permitted in the Project, and provide written confirmation to the County that the equity contribution has been advanced. 2.2 Funding for Affordable Housing is comprised of Federal Funds and Provincial Funds. Funds will be advanced to the Proponent in the form of a Loan during Development Activities, based on the completion of construction milestones. 2.3 The Loan, upon the terms and subject to the conditions set out in this Agreement, shall be in the amount of one hundred and forty nine thousand, seven hundred and nighty nine and fifty cents dollars ($149,799.50) for each Unit included in the Development Activities for Affordable Housing by the Proponent pursuant to the Proposal, the total amount of such Loan being One Million, four hundred and ninety seven thousand, nine hundred and ninety five ($1,497,995). 2.4 The County shall disburse the amount of the Loan in accordance with the Funding Schedule attached as Schedule “B". Notwithstanding Schedule "B", the County shall at all times hold back the amount of funds required to comply with the Construction Lien Act. 2.5 The County shall have the option of withholding from the amount to be disbursed under section 2.4 the amount of the cost of construction necessary to complete the incomplete construction of the Project from time to time and, in such case, the County shall disburse the amount so withheld following its receipt of satisfactory evidence that such construction is complete within the meaning of the Construction Lien Act and provided that the Construction Lien Act is complied with. 2.6 The Proponent shall use the amount of the Loan and Contribution by Others only for the purpose of its Development Activities in connection with the Project. 2.7 The Proponent may authorize the County to pay Funds to a third party and the County shall permit such authorization.

FUNDING FOR AFFORDABLE HOUSING. 2.1 The Proponent agrees to advance as its equity contribution to the Project the amount of One Hundred and Thirteen Thousand Eight Hundred and Fifty Seven dollars ($113,857), in the form of a contribution of land, on or before Occupancy is permitted in the Project, and provide written confirmation to the County that the equity contribution has been advanced.

FUNDING FOR AFFORDABLE HOUSING. 2.1 The Proponent agrees to advance as its equity contribution to the Project the amount of (85,000), before Occupancy is permitted in the Project, and provide written confirmation to the County that the equity contribution has been advanced.

FUNDING FOR AFFORDABLE HOUSING. This Interlocal Agreement (“Agreement”) is entered into by and among Broward County, a political subdivision of the State of Florida (the “County”), the City of Hollywood, a Florida municipal corporation (the “City”), and the City of Hollywood Community Redevelopment Agency (the “CRA”) (collectively, the County, the City, and the CRA are the “Parties”).

FUNDING FOR AFFORDABLE HOUSING. 2.1 The Proponent agrees to advance as its equity contribution to the Project the amount of XXXX in the form of a contribution of land, on or before Occupancy is permitted in the Project, and provide written confirmation to the County that the equity contribution has been advanced. 2.2 Funding for Affordable Housing is comprised of Funds held by the County. Funds will be advanced to the Proponent in the form of a Loan, during the Development Activities. 2.3 The County shall disburse the amount of the Loan following the date on which this Agreement is signed by the Parties and upon construction milestones as set out in the Program guidelines. Notwithstanding this provision, the County shall at all times hold back the required amount of funds to comply with the Construction Lien Act. 2.4 The County shall have the option of withholding from the amount to be disbursed under section 2.3 the amount of the cost of construction necessary to complete the construction of the Project and, in such case, the County shall disburse the amount so withheld following its receipt of satisfactory evidence that such construction is complete within the meaning of the Construction Lien Act and provided that the Construction Lien Act is complied with. 2.5 The Proponent shall use the amount of the Loan for the purpose of its Development Activities in connection with the Project. 2.6 The Proponent may authorize the County to pay Funds to a third party and the County shall permit such authorization.