Direct Subsidy definition

Direct Subsidy means the amount funded by the Bank, in association with its AHP as prescribed by the applicable rules and regulations of the Federal Housing Finance Agency (FHFA), for the benefit of the prospective Owner and for the purpose of assisting such Owner in the purchase, construction, or rehabilitation of the property.

Direct Subsidy means the amount funded by the Bank for the benefit of Owner, for the purpose of assisting Owner in the purchase, construction, or purchase in conjunction with rehabilitation of the Property, which Direct Subsidy shall not exceed $ {insert AMOUNT OF DIRECT SUBSIDY}.

Direct Subsidy means a direct cash payment, provided that if a Direct Subsidy is provided to a project to reduce the interest rate on a loan extended by Member, Project Sponsor, Project Owner or other party to the Project, the Direct Subsidy shall equal the net present value of the interest foregone from making the loan below the lender’s market interest rate (calculated as of the date the Application was submitted to the Bank and subject to adjustment under Section 9.3 below and at a rate equal to the lender’s market interest rate).

Examples of Direct Subsidy in a sentence

• This instrument and the lease addendum restrictions contained herein shall be deemed released and discharged on the earlier to occur of (i) the Termination Date, or (ii) the date on which the Direct Subsidy is repaid prior to the Termination Date under Sections 3, 4, or 5 hereof.

• The Bank shall be repaid the lesser of: the AHP subsidy amount equal to the Direct Subsidy, reduced by 1/60 for every month the Lessee/Grantor owned the Property; or any net proceeds from the sale, transfer, or assignment of title or lease of the unit, or the refinancing, as applicable, minus the AHP-assisted household’s investment.

• The obligation to repay the Direct Subsidy shall terminate after any event of foreclosure, transfer by deed-in-lieu of foreclosure, or assignment of a Federal Housing Administration first Mortgage or Deed of Trust to the Secretary of the U.S. Department of Housing and Urban Development (HUD), or death of the AHP-assisted homeowner.

More Definitions of Direct Subsidy

Direct Subsidy means the amount funded by the Bank, in association with its AHP as prescribed by the applicable rules and regulations of the Federal Housing Finance Agency (“FHFA”), for the benefit of the prospective Lessee/Grantor and for the purpose of assisting such Lessee/Grantor for purchase, for purchase in conjunction with rehabilitation, or for construction of the Property as permitted by the applicable AHP program.

Direct Subsidy means the granting of revenue by the Government—