Predevelopment Loan definition

Predevelopment Loan means the pre-development loan by the City to Developer of affordable housing bond proceeds in a principal amount not to exceed ONE MILLION ONE HUNDRED AND TWENTY FIVE THOUSAND DOLLARS AND NO CENTS ($1,125,000.00)). The proceeds from the Predevelopment Loan shall be used solely by Developer to pay for no more than seventy-five percent (75%) of Eligible Predevelopment Costs, as set forth in Section 214.

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

Predevelopment Loan means a loan for required expenses, other

Examples of Predevelopment Loan in a sentence

• The purpose of the Predevelopment Loan Program is to provide financial and technical assistance to eligible Applicants for predevelopment related activities associated with the development of affordable single family home ownership units and multi-family rental housing.

• At such time as NCHFA awards tax credits for an Approved Phase the City will provide predevelopment financing for such Approved Phase on substantially the same terms as reflected in the Rental Phase I Predevelopment Loan Agreement.

• On September 12, 2011 the City and Southside Revitalization Phase I LP (the “Rental Phase 1 Owner Partnership”) entered into a Predevelopment Loan Agreement (the “Rental Phase 1 Predevelopment Loan Agreement”) pursuant to which the City agreed to provide funding for, and the Rental Phase 1 Owner Partnership agreed to carry out, certain predevelopment activities in support of “Rental Phase I” (as defined below).

• The Predevelopment Loan Program that Florida Housing administers pursuant to Sections 420.507 and 420.526, Fla.

• The Predevelopment Loan Program, pursuant to Sections 420.521-420.529, Fla.

More Definitions of Predevelopment Loan

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

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 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 is defined in Section 3.2.

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

Predevelopment Loan means the Lender's loan to the Developer in the total principal amount of Three Hundred Sixteen Thousand Dollars ($316,000) pursuant to this Agreement, to fund certain predevelopment activities related to the Development on the Property.

Predevelopment Loan means the means the loan made by PDC to Developer described in Section3.1.2 herein.