Extended Use Commitment definition

Extended Use Commitment means the agreement between the Partnership and the Agency, which is intended to meet the definition of a "long term commitment to low-income housing" as required by Section 42(h)(6) of the Code and the requirements of the Agency's Low-Income Housing Tax Credit Program.

Examples of Extended Use Commitment in a sentence

  • Applicants claiming points for an Extended Use Commitment may not claim points for Tenant Ownership.

  • Applicants claiming points for Extended Use Commitment may not claim points for Tenant Ownership.

  • Applicants claiming points for Tenant Ownership are not allowed to claim points for Extended Use Commitment.

  • The applicant will not be able to request SDHDA to find a buyer for the low income portion of the property until sometime after the 39th year of the compliance period.Applicants claiming points for Extended Use Commitment may not claim points for Tenant Ownership.

  • Language permeates and builds the foundation for infor- mation activities (Talja, Tuominen & Savolainen, 2005, pp.

  • For multi-family projects: if tax credits are allocated on a building basis, each building should maintain the percentage of targeted units elected above to the most reasonable extent possible.2. Extended Use Commitment (50 points maximum)Although the required Compliance Period is 30 years, applicants who make a commitment to extend the Compliance Period an additional 10 years (to 40 years) will receive 50 points.

  • The Low-Income Housing Tax Credit Regulatory Agreement includes the Low Income Housing Extended Use Commitment required of all tax credit projects and, if applicable, regulations governing those projects which are obligated to serve tenants with incomes at or below the 60% area median income.

Related to Extended Use Commitment

  • Extended Revolving Commitment shall have the meaning assigned to such term in Section 2.19(a).

  • Initial Term Loan Commitment means the commitment of a Lender to make or otherwise fund an Initial Term Loan and “Initial Term Loan Commitments” means such commitments of all of the Lenders in the aggregate. The amount of each Lender’s Initial Term Loan Commitment, if any, is set forth on Appendix A-1 or in the applicable Assignment Agreement, subject to any adjustment or reduction pursuant to the terms and conditions hereof. The aggregate amount of the Initial Term Loan Commitments as of the Closing Date is $200,000,000.

  • Extended Revolving Commitments has the meaning specified in Section 2.16(2).

  • Total Revolving Commitment means the sum of the Revolving Commitments of the Revolving Lenders as the same may be decreased pursuant to Section 2.12(c) or increased pursuant to Section 2.19. As of the Closing Date, the amount of the Total Revolving Commitment is $100,000,000.

  • Incremental Revolving Commitment has the meaning assigned to such term in Section 2.14(a).

  • Total Initial Term Loan Commitment means the sum of the Initial Term Loan Commitments of all Lenders.

  • Total Term Loan Commitment means the sum of the amounts of the Lenders’ Term Loan Commitments.

  • Additional Term Loan Commitment means any term commitment added pursuant to Sections 2.22, 2.23 and/or 9.02(c)(i).

  • Replacement Revolving Commitments shall have the meaning assigned to such term in Section 2.22.

  • Extended Revolving Credit Commitment has the meaning specified in Section 2.15(a).

  • Extended Revolving Facility Commitment shall have the meaning assigned to such term in Section 2.21(e).

  • Revolving Commitment means, as to each Lender, its obligation to (a) make Revolving Loans to the Borrower pursuant to Section 2.01, (b) purchase participations in L/C Obligations and (c) purchase participations in Swing Line Loans, in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such Lender’s name on Schedule 2.01 or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement.

  • Commitment Increase Agreement has the meaning assigned to such term in Section 2.20.

  • Total Revolving Loan Commitment means, at any time, the sum of the Revolving Loan Commitments of each of the Lenders at such time.

  • Delayed Draw Commitment as defined in the Second Amended and Restated Credit Agreement.

  • Initial Revolving Credit Commitment means, with respect to any Person, the commitment of such Person to make Initial Revolving Loans (and acquire participations in Letters of Credit and Swingline Loans) hereunder as set forth on the Commitment Schedule, or in the Assignment Agreement pursuant to which such Person assumed its Initial Revolving Credit Commitment, as applicable, as the same may be (a) reduced from time to time pursuant to Section 2.09 or 2.19, (b) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 9.05 or (c) increased pursuant to Section 2.22. The aggregate amount of the Initial Revolving Credit Commitments as of the Closing Date is $75,000,000.

  • Incremental Revolving Commitments has the meaning specified in Section 2.14(a).

  • Unused Total Revolving Commitment means, at any time, the excess of (i) the Total Revolving Commitment at such time over (ii) the Aggregate Revolving Facility Exposure at such time.

  • Incremental Revolving Facility Commitment means the commitment of any Lender, established pursuant to Section 2.21, to make Incremental Revolving Loans to the Borrower.

  • Total Revolving Commitments at any time, the aggregate amount of the Revolving Commitments then in effect.

  • Initial Term Commitment means, as to each Term Lender, its obligation to make an Initial Term Loan to the Borrower pursuant to Section 2.01(a) in an aggregate principal amount not to exceed the amount set forth opposite such Term Lender’s name in Schedule 1.01A under the caption “Initial Term Commitment.” The initial aggregate principal amount of the Initial Term Commitments as of the Closing Date was $2,670,000,000.

  • Additional Commitment means any commitment hereunder added pursuant to Sections 2.22, 2.23 or 9.02(c).

  • Existing Commitment shall have the meaning provided in Section 2.17.

  • Loan Commitment means a statement transmitted in writing or electronically by a mortgage lender setting forth the terms and conditions upon which the mortgage lender is willing to make a particular residential mortgage loan to a particular borrower.

  • Minimum Commitment means any minimum commitment of time and usage for use of the Services by You during the Term of this Agreement.

  • Revolving Commitment Increase has the meaning set forth in Section 2.14(a).