Tax Credit Equity. Equity from the Tax Credit Equity Investor (the "Tax Credit Equity") consisting of the following: Approximately $16,424,000 in 4% Low Income Tax Credit Equity and $25,420,000 in 9% Low Income Tax Credit Equity, to be provided by the Tax Credit Equity Investor, derived from Low Income Housing Tax Credits, which shall include approximately $6,500,000 to be disbursed during the construction period and the balance to be disbursed following Completion;
Tax Credit Equity. The following requirements must be satisfied in order for the equity financing for Tax Credit funding for Phase II to be approved by Authority pursuant to this Section 3.10:
(a) Developer shall have solicited no less than three (3) competitive bids from Tax Credit investors for Phase II and shall have selected the Tax Credit investor(s) offering the most beneficial rates and terms, as reasonably approved by Authority Executive Director. Developer shall submit complete documentation relating to such competitive solicitation to Authority, including true copies of the invitation to bidders and each full bid package submitted by bidding Tax Credit investors, in order to permit Authority to evaluate the Tax Credit Investor proposed by Developer and the terms of financing and Tax Credit equity offered by such Tax Credit investor. All such documentation shall be submitted no less than thirty (30) days prior to Closing. Within ten (10) business days of delivery to Authority of such documentation, Authority and Developer shall meet and confer in good faith to select jointly and reasonably the Tax Credit Investor for Phase II based on the proposal which provides the greatest benefit to Phase II, as a whole.
(b) The equity investment of the Tax Credit Investor shall not be less than the approximate prevailing price for 9% Tax Credits at such time, taking into consideration all relevant factors such as timing of required payments and amount of the Tax Credits.
(c) The identity of the Tax Credit Investor shall be reasonably acceptable to Authority Executive Director, Authority financial advisor(s), and legal counsel(s).
Tax Credit Equity. The following requirements must be satisfied in order for the equity financing for Tax Credit funding for the Project to be approved by Authority pursuant to this Section 310:
(a) Developer shall have solicited no less than three (3) competitive bids from Tax Credit investors for the Project and shall have selected the Tax Credit investor(s) offering the most beneficial rates and terms, as reasonably approved by Authority Executive Director. Developer shall submit complete documentation relating to such competitive solicitation to Authority, including true copies of the invitation to bidders and each full bid package submitted by bidding Tax Credit investors, in order to permit Authority to determine that Developer has selected the Tax Credit investor offering the most beneficial terms of financing and Tax Credit equity as required by this Agreement. All such documentation shall be submitted no less than thirty (30) days prior to Closing.
(b) The equity investment of the limited partners of the limited partnership shall not be less than the approximate prevailing price for 9% Tax Credits at such time, taking into consideration all relevant factors such as timing of required payments and amount of the Tax Credits.
(c) The identity of the limited partners of the limited partnership shall be reasonably acceptable to Authority Executive Director, Authority financial advisor(s), and legal counsel(s).
Tax Credit Equity. The City has approved the Developer’s proposed uses of any tax credit equity paid as of the Close of Escrow to the Developer.
Tax Credit Equity. Xxxxxxxxx has represented that Developer is to obtain equity financing for the construction and operation of the Development including the use of Tax Credits and obtaining capital contributions from limited partners in Developer in consideration primarily for the receipt of the Tax Credits received by Developer with respect to the Development. In the event a preliminary reservation of Tax Credits is not obtained by Developer, this Agreement shall be subject to termination by City. The following requirements must be satisfied in order for the equity financing for Tax Credit funding for the Development to be approved by City pursuant to this Section 4.15:
(i) Developer understands and agrees that Developer and/or one or more of the Principals of Developer may be required to provide an operating deficit guaranty, tax credit recapture guaranty, and/or other guaranties which may be required with respect to the limited partners’ investment in the Development. If required for such financing, the execution of such guaranties shall be an additional City Disposition Condition Precedent for the purposes of Section 3.1.
(ii) Developer shall submit the following documents as evidence of financing prior to the time set forth in the Schedule of Performance for the recording of documents, but not later than the Disposition Closing: Final Financing Commitments consisting of one or more of: (a) a copy of a firm loan commitment(s) or approval(s) obtained by Developer from unrelated financial institutions for the mortgage loan or loans for financing to fund the construction of the Development, subject to such lenders’ reasonable, customary and normal conditions and terms, (b) a limited partnership agreement or funding agreement from the equity investors in the Development which demonstrates that Developer has sufficient funds for such construction, and that such funds have been committed to such construction, and a current financial statement of Developer, (c) a copy of a Preliminary Reservation of Tax Credits from the California Tax Credit Allocation Committee for Tax Credits for the construction of the Development, (d) a binding agreement for the purchase of the Tax Credits, and/or (e) other documentation satisfactory to City as evidence of other sources of capital, all of which together are sufficient to demonstrate that Developer has adequate funds to construct and complete the Development.
(iii) The equity investment of the limited partners of the limited partnership sha...
Tax Credit Equity. The following requirements must be satisfied in order for the equity financing for Tax Credits funding to be approved by Housing Authority pursuant to Section 301:
(A) The equity investment of the limited partners of Developer shall not be less than the approximate prevailing price for Tax Credits as such time, taking into consideration all relevant factors such as timing of required payments and the amount of Tax Credits.
Tax Credit Equity. The following requirements must be satisfied in order for the equity financing for Tax Credit funding to be approved by Authority pursuant to this Section 311:
(a) The equity investment of the limited partners of the limited partnership shall not be less than the approximate prevailing price for 9% Tax Credits at such time, taking into consideration all relevant factors such as timing of required payments and amount of the Tax Credits.
(b) The identity of the limited partners of the limited partnership shall be reasonably acceptable to Authority.
(c) Developer or its affiliates shall be entitled to a Developer Fee of up to $1,000,000 from the equity financing, which amount shall not be greater than developer fees prevailing in the industry for similar transactions. Developer acknowledges that Six Hundred Forty- Nine Thousand Dollars ($649,000) of the Developer Fee will be required to be deferred as the Deferred Developer Fee and not paid until after the completion and commencement of operation of the Apartment Complex in order to ensure that sufficient funds are available for the costs of construction of completion and operation of the Apartment Complex. No part of the Developer Fee shall be payable prior to the commencement of construction; and no part of the Deferred Developer Fee shall be payable until completion of construction.
Tax Credit Equity. The amount of approximately $9,042,829, to be provided by the Tax Credit Equity Investor, derived from Low Income Housing Tax Credits, will be one of the permanent Sources of Financing.
Tax Credit Equity. After the Effective Date of this Agreement, Developer shall apply for 4% Tax Credits/9% Tax Credits [insert description of application timing]. In order to implement the financing of the Project, the County, in his sole and absolute discretion, shall have the authority to make all necessary amendments and/or modifications to this Agreement, including its attachments, to reflect the 4% or 9% Tax Credit financing structure, so long as: (i) such amendments and/or modifications do not result in any increased financial risk to the County and do not materially impair the County’s interests; (ii) such amendments and/or modifications are otherwise consistent with this Agreement; and (iii) . If Developer fails to apply for the required CTCAC application cycle for the Tax Credits in accordance with this Section 12.4, County shall have the right to terminate this Agreement upon fifteen (15) calendar days’ Notice to Developer.
Tax Credit Equity. All tax credit equity must have been committed, and the initial tax credit capital contribution shall have been funded and available to pay the initial Project construction costs, as shown by reasonable evidence delivered to Lender, and all other capital contributions that are to be used for construction costs will be funded prior to disbursement of the construction loan portion of the Loan. Prior and as a condition to Closing.
