TRANSFER OF FUNDS BY CITY TO AUTHORITY Sample Clauses

TRANSFER OF FUNDS BY CITY TO AUTHORITY. City agrees to transfer to Authority Three Million Dollars Forty One Thousand and Three Hundred and Two Dollars ($3,041,302) of HOME Funds (“Project Funds”) held by the City to enable the Authority to make the HOME Loan to the Developer for the Project subject to the award of Tax Credits and other conditions precedent set forth in the Letter Agreement, and subsequently as set forth in the Affordable Housing Agreement. Subject to negotiation, preparation, consideration and approval of the Affordable Housing Agreement and satisfaction of the conditions precedent therein, City shall make the Project Funds available to the Authority for the Project. Authority shall not disburse the Project Funds to the Developer until the Authority has confirmed that the Developer has satisfied all of the Conditions Precedent to the disbursement of the HOME Loan pursuant to Letter Agreement, and thereafter the Affordable Housing Agreement; provided that the Authority Executive Director may waive, defer or modify such Conditions Precedent in accordance with the authority granted by the City Council and Authority under the Letter Agreement.
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TRANSFER OF FUNDS BY CITY TO AUTHORITY. City agrees to transfer to Authority $5,500,000 of funding from 2021-2022 State Budget:
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TRANSFER OF FUNDS BY CITY TO AUTHORITY. City agrees to transfer to Authority Seven Million Six Hundred Thousand Dollars ($7,600,000) of PLHA Funds (“Project Funds”) held by the City to enable the Authority to acquire the Anaheim Lodge Motel.
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TRANSFER OF FUNDS BY CITY TO AUTHORITY. City agrees to transfer to Authority up to Two Million Five Hundred Thousand Dollars ($2,500,000) of HOME Funds (“Project Funds”) held by the City to enable the Authority to make the HOME Loan to the Developer for the Project. Subject to approval by the Authority’s governing board of the terms of the AHA and execution thereof by the Authority and Developer, City will make the Project Funds available to the Authority for the Project. Authority shall not disburse the Project Funds to the Developer until the Authority has confirmed that the Developer has satisfied all of the conditions precedent to the disbursement of the HOME Loan pursuant to AHA; provided that the Authority Executive Director may waive, defer or modify such conditions precedent in accordance with the authority granted by the Authority’s governing board. DRAFT The Authority covenants and agrees to use the Project Funds (i) in strict conformance with Title II of the Xxxxxxxx-Xxxxxxxx National Affordable Housing Act (42 U.S.C. 12701-12839) and the HOME Program Regulations codified at 24 CFR Part 92, as amended by the 2013 HOME Final Rule, and (ii) to implement the AHA in order to expand the supply of decent, safe, sanitary and affordable housing for very low income and low income persons and families. This Agreement does not constitute a “commitment” of HOME Funds, as the term “commitment” is defined in 24 CFR 92.2.
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TRANSFER OF FUNDS BY CITY TO AUTHORITY. City agrees to transfer to Authority up to Seven Hundred Thousand Dollars ($700,000.00) of HOME Funds (“Project Funds”) held by the City to enable the Authority to proceed with and complete the Activities.
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TRANSFER OF FUNDS BY CITY TO AUTHORITY. City agrees to transfer to Authority up to Seven Hundred Fifty Thousand Dollars ($750,000.00) of HOME Funds (“Project Funds”) held by the City to enable the Authority to proceed with and complete the Activities. (a) Further, Authority covenants and agrees to use the Project Funds (i) in strict conformance with Title II of the Xxxxxxxx-Xxxxxxxx National Affordable Housing Act (42 U.S.C. 12701-12839) and the HOME Program Regulations codified at 24 CFR Part 92, as amended by the 2013 HOME Final Rule, and (ii) to implement and perform the Activities in order to expand the supply of decent, safe, sanitary and affordable housing for Extremely Low, Very Low Income and Low Income Households. (b) Authority may elect to use Housing Asset Funds to perform any portion of the Activities, in the sole discretion of the Authority Executive Director, and may further use Housing Asset Funds to perform maintenance and/or rehabilitation work at the Property from time to time.
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TRANSFER OF FUNDS BY CITY TO AUTHORITY. City agrees to transfer to Authority Three Million Dollars ($3,000,000) of City Neighborhood Reserve Funds (“Project Funds”) held by the City to enable the Authority to acquire the Rainbow Inn Motel.
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TRANSFER OF FUNDS BY CITY TO AUTHORITY. City agrees to transfer to Authority the CalOptima Funding of $1,500,000 for the Authority to loan to Developer as additional monies loaned under the Authority Other Funds Loan.
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TRANSFER OF FUNDS BY CITY TO AUTHORITY. City agrees to transfer to Authority up to the Designated HOME Amount of HOME Funds (with the actual amount as transferred constituting “Project Funds”) held by the City to enable the Authority to proceed with and complete those activities which Authority deems to be necessary and appropriate to accomplish the Project (“Activities”).
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