Predevelopment Loan definition

Predevelopment Loan means the unsecured pre-development loan by the Agency to Owner of Low and Moderate Income Housing Funds in a principal amount not to exceed $1,950,000. The proceeds from the Predevelopment Loan shall be used solely by Owner to pay for no more than seventy-five percent (75%) of Eligible Predevelopment Costs, as set forth in Section 110.

Predevelopment Loan means a loan for required expenses, other

Predevelopment Loan means the loan from the City to the Developer in the amount of

Examples of Predevelopment Loan in a sentence

• If the Development has received funding from the Predevelopment Loan Program (PLP), the Corporation file number and amount of funding must be listed.

• Consideration of all necessary actions with regard to the PLP (Predevelopment Loan) Program.

• For purposes of this subsection only, the term NC Award shall refer to MMRB, Non-Competitive HC, or a combination of MMRB and Non-Competitive HC, and funding from the following Corporation programs will not be considered to be other Corporation funding: Predevelopment Loan Program (PLP) and Elderly Housing Community Loan (EHCL) Program.

• An Application will be deemed ineligible for funding if the Applicant has accepted an invitation to enter credit underwriting for the same Development in a previous RFA (with the exception of funding awarded under the Predevelopment Loan Program (PLP) and/or the Elderly Housing Community Loan (EHCL) program) and, as of Application Deadline for this RFA, the funding has not been returned to the Corporation.

• The exceptions to the above provision are: (i) if there is an existing LURA for the Predevelopment Loan (PLP) Program and/or the Elderly Housing Community Loan (EHCL) Program, (ii) if there is an existing LURA for the MMRB Program where no Corporation funding other than PLP and/or EHCL was involved with the original MMRB award, or (iii) if there is an existing EUA for Non-Competitive HC where no Corporation funding other than MMRB, PLP and/or EHCL was involved with the original Non-Competitive HC award.

More Definitions of Predevelopment Loan

Predevelopment Loan means the loan of HOME Funds referred to the Recitals of the Original Agreement and this First Amendment in a loan amount up to $585,257 to be provided by the City to Developer for the Eligible Predevelopment Expenses and as itemized in Exhibit A to the Original Agreement.

Predevelopment Loan means the loan made by PDC to Developer described in Section 6.2 herein.

Predevelopment Loan means the predevelopment loan made by PDC to Developer described in Section 3.1.7.

Predevelopment Loan has the meaning set forth in Paragraph O of the Recitals.

Predevelopment Loan means a loan for required expenses, other than administrative and construction, that are incurred by qualifying affordable housing developers in the process of, and prior to, securing long-term financing for construction, conversion, preservation, or rehabilitation of an affordable housing project, and that are recoverable once long-term financing is obtained. The purposes for which predevelopment loans may be made include, but are not limited to, the costs of, or the costs associated with: land purchase or options to buy land; options or deposits to buy or preserve existing government-assisted rental housing for the purpose of preserving the affordability of the units; professional services such as architectural, engineering, or legal services; permit or application fees; environmental remediation costs; and bonding, site preparation, related water or sewer development, or material expenses. In addition, the loans may be made for the purpose of extending the time for exercising an option or extending the time period for repayment of an advance previously obtained. These loan funds may be deposited in banks as compensating balances to establish lines of credit for qualifying affordable housing developers.

Predevelopment Loan is defined in Recital D. “Predevelopment Loan Documents” is defined in Section 4.3.2. “Predevelopment Loan Proceeds” is defined in Section 2.1.1.

Predevelopment Loan plus interest thereon for the funds loaned to Borrower by City to finance certain predevelopment costs associated with the development of the Project pursuant to the Predevelopment Loan Agreement (the "Agreement") between Borrower and City of approximately even date herewith. All capitalized terms not otherwise defined in this Predevelopment Note shall have the meanings set forth in the Agreement.