Common Contracts
3 similar Loan Agreement contracts
ContractLoan Agreement • June 8th, 2021
Proposed Term Lender City of Elk Grove (“City”) Borrower Limited partnership to be created for this Project (“Owner” or “Developer”) Loan Amount $2,000,000 Funding Source Affordable Housing Fund Interest Rate 4% simple interest per annum Term City loan to have a term of 37 years. Balance due on sale. For amount due on refinancing, see “Refinancing” section. Purpose Construction and operation of a 64-unit affordable apartment project (commonly known as Villages at Bilby I, or“Project”) that is deed-restricted by means of a Regulatory Agreement for 55 years. The affordability mix is as shown: *AMI is the area median income, adjusted for household size. Owner commits to working with the City to address homelessness, including by implementing a policy moving homeless Elk Grove households to the top of the waitlist for any vacant unit for which they are qualified. Owner shall (1) perform annual income certifications or recertifications and adjust unit affordability accordingly; and(2) pr
ContractLoan Agreement • June 4th, 2021
Proposed Term Lender City of Elk Grove (“City”) Borrower Limited partnership to be created for this Project (“Owner” or “Developer”) Loan Amount $2,000,000 Funding Source Affordable Housing Fund Interest Rate 4% simple interest per annum Term City loan to have a term of 37 years. Balance due on sale. For amount due on refinancing, see “Refinancing” section. Purpose Construction and operation of a 62-unit affordable apartment project (commonly known as Villages at Bilby II, or“Project”) that is deed-restricted by means of a Regulatory Agreement for 55 years. The affordability mix is as shown: *AMI is the area median income, adjusted for household size. Owner commits to working with the City to address homelessness, including by implementing a policy moving homeless Elk Grove households to the top of the waitlist for any vacant unit for which they are qualified. Owner shall (1) perform annual income certifications or recertifications and adjust unit affordability accordingly; and(2) p
ContractLoan Agreement • June 4th, 2021
Proposed Term Lender City of Elk Grove (“City”) Borrower Limited partnership to be created for this Project (“Owner” or “Developer”) Loan Amount $2,000,000 Funding Source Affordable Housing Fund Interest Rate 4% simple interest per annum Term City loan to have a term of 37 years. Balance due on sale. For amount due on refinancing, see “Refinancing” section. Purpose Construction and operation of a 64-unit affordable apartment project (commonly known as Villages at Bilby I, or“Project”) that is deed-restricted by means of a Regulatory Agreement for 55 years. The affordability mix is as shown: *AMI is the area median income, adjusted for household size. Owner commits to working with the City to address homelessness, including by implementing a policy moving homeless Elk Grove households to the top of the waitlist for any vacant unit for which they are qualified. Owner shall (1) perform annual income certifications or recertifications and adjust unit affordability accordingly; and(2) pr
