Common Contracts
1 similar Proposed Term contracts
ContractProposed Term • August 27th, 2021
Proposed Term Lender City of Elk Grove (“City”) Borrower Limited partnership to be created for this Project (“Owner” or “Developer”) Loan Amount The Loan Amount is $6,000,000. Such amount is subject to the Cost Savings section set forth below. 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 294-unit affordable apartment project (commonly known as The Lyla, 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. The unrestricted units must be occupied by the full-time property manager, the full-time maintenance supervisor, and either an assistant property manager or maintenance staff person. Project amenities must include a community building with computer room and e
