Non-Profit Affordable Housing Development Organization Loans Sample Clauses

Non-Profit Affordable Housing Development Organization Loans. Moneys held in the Program Fund may be applied to make loans to non-profit affordable housing development organizations (“Non-Profit Loans”) hereinafter defined as organizations with housing development as part of its primary mission that: (1) are organized under state or local laws; (2) have no part of their net earnings benefiting any member, founder, contributor, or individual; (3) are neither controlled by, nor under the direction of, individuals or entities seeking to derive profit or gain from the organization; (4) have a tax exemption ruling from the Internal Revenue Service under Section 501(c)(3) or (4) of the Internal Revenue Code; (5) have standard of financial accountability that conform to 2 CFR 200.302, “Financial Management” and 2 CFR 200.303, “Internal Controls”; and (6) have among their purposes the provision of decent housing that is affordable to low-income and moderate-income persons. Non-Profit Loans will finance, in part, capitalizable predevelopment costs and the acquisition, construction, or renovation of multifamily housing or single family housing that constitutes Eligible Housing Units and Residential Housing. The total amount of each Non-Profit Loan may not exceed fifty percent (50%) of the total capital expenditures (excluding fees paid to the non-profit affordable housing development organization or its Affiliates) of the housing project financed by such Non-Profit Loan. No Non-Profit Loan may be made or unconditionally committed to be made unless the non- profit affordable housing development organization shall have obtained through a firm commitment secure funding sources for the balance of the total costs of the housing project, but nothing in this sentence shall preclude the Housing Corporation from making conditional commitments for Non-Profit Loans. Non-Profit Loans shall be subordinated in lien and right of payment to the repayment of other loans to finance or refinance the housing project, provided such other loans are made by lenders that are not Affiliates of the non-profit affordable housing organization. The obligation to repay the Non-Profit Loans shall be evidenced by a promissory note, in a form acceptable to the Program Administrator, and shall be secured by a deed to secure debt, in a form acceptable to the Program Administrator. The Housing Corporation may make Non-Profit Loans when the non-profit affordable housing development organization acts as owner, developer, or sponsor of an affordable housing project...
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