Identity of Interest definition

Identity of Interest means a situation in which a Project Participant has a direct or indirect interest in the ownership of an entity which contracts with a Project Participant to provide land, goods, loans, financial support, or services for the project or where there is a financial, familial, or business relationship that permits less than arm’s length transactions.

Identity of Interest means, for the purpose of the HUD Risk Sharing Program, any person or entity that has a one percent or more financial interest in the Development and in any entity providing services for a fee to the Development.

Identity of Interest means the existence of any of the following conditions:

Examples of Identity of Interest in a sentence

• DCA policy requires that the Applicant obtain an appraisal of the value of a property if there is an Identity of Interest between the buyer and the seller.

• For Applications where there is an Identity of Interest between the buyer and the seller for any site within the project, an appraisal no more than 6 months old and prepared by a certified appraiser must be submitted with the Application as a basis for the determination of the appropriate sales price.

• Any Identity of Interest between any Project Participant or General Contractor and any subcontractors, other provider of service, materials, or supplies must be disclosed.

• If there is an Identity of Interest between any Project Participant and construction/permanent lenders, such financial structure requires financing terms and conditions which are reasonable, customary and consistent with industry standards.

• Additional scrutiny will be given to subcontractor/materialmen costs where there is an Identity of Interest.

More Definitions of Identity of Interest

Identity of Interest means a situation in which a Project Participant has a direct or indirect interest in the ownership of an entity which contracts with a Project Participant to provide land, goods or services for the project.

Identity of Interest or "related party" means ownership of 50% or more of a separate entity of the development team (Related Entity) by the sponsor or developer, alone or as part of a group of other persons or entities, or ownership of 50% or more of the respective sponsor or developer by the Related Entity. In this definition, an identity of interest is present even if the sponsor or developer has no voting rights in the Related Entity, or if the Related Entity has no voting rights in the respective sponsor or developer. Registered agents, executive directors, officers, employees, or family members of such sponsor, developer or Related Entity may be considered as a "related party."

Identity of Interest means, for the purpose of the HUD Risk Sharing Program, any person or entity that has a one percent or more financial interest in the Development and in any entity providing services for a fee to the Development. Unless otherwise excluded, persons or entities that share in the net profits of the Development shall be construed as having an ownership interest to the extent that they share in Development or project revenues. The Identity of Interest definition shall not apply to the tax credit syndicator, limited partner investors, or professionals who are retained pursuant to a negotiated fee arrangement consistent with industry standards and which fee arrangement does not incorporate the payment of fees from Development operating revenues.

Identity of Interest means a situation exists in which a person, principal, or entity with an interest in the Ownership of the property contracts with the Owner to provide services.

Identity of Interest means a relationship in which a purchaser and seller are related

Identity of Interest or "related persons" means ownership by 50% or more by the sponsor or developer, alone or in a group of other persons or entities, in the other entity, or, 50% or more ownership by the other entity (or person), alone or in a group of other persons or entities, in the sponsor or developer. In this definition, an identity of interest is present even if the person has no voting rights in a corporate or legal entity structure. Registered agents, executive directors, officers, employees, or family members of such persons may be considered as "related persons."

Identity of Interest means, for the purpose of the HUD Risk Sharing Program, any person or entity