CDLAC Requirements Clause Samples
CDLAC Requirements. In addition to the other requirements set forth herein and to the extent not prohibited by the requirements set forth in Sections 2 through 6 hereof, the Owner hereby agrees: i) to comply with the CDLAC Resolution; ii) that the acquisition, construction, and operation of the HPSY 52-54 Scattered Sites Project, and the financing thereof, is and shall be in compliance with the conditions set forth in Exhibit A (“CDLAC Requirements”) to CDLAC Resolution No. 22-237 adopted on November 30, 2022, attached hereto as Exhibit F (the “CDLAC Resolution”), which CDLAC Requirements are incorporated herein by this reference; and iii) that the Owner will cooperate fully with the City in connection with the City’s monitoring and reporting requirements as provided herein. Compliance with the terms of the CDLAC Requirements not contained within this Regulatory Agreement, but referred to in the CDLAC Requirements, is the responsibility of the Owner to report to the City. After the Tax-Exempt Note is executed and delivered, the terms and conditions set forth in the CDLAC Resolution shall be enforceable by CDLAC (or in its sole discretion the City) through an action for specific performance or any other available remedy. In addition, after the Note is issued, a) changes to Items #1, #6, #7, #10 thru #12, #14 thru #16, #18 thru #26, and #37 of the CDLAC Requirements require CDLAC Committee or Executive Director approval (or as otherwise required by CDLAC); and b) items #2, #13, #17, and #27 of the CDLAC Requirements cannot be altered. Changes to Items #3 thru #5 of the CDLAC Resolution require no CDLAC Committee or Executive Director approval but any alterations must be reported to CDLAC staff for the affordability period. Changes to Items #8 and #9 of the CDLAC Requirements require no CDLAC notification and changes to Items #28 thru #36 of the CDLAC Requirements require CDLAC Committee or Executive Director approval only prior to the Project being placed in service by the CTCAC. Compliance with the terms of the CDLAC Requirements not specifically set forth in this Regulatory Agreement are the responsibility of the Owner to report to the City. In addition to its obligations to CDLAC set forth in the CDLAC Requirements, annually, on February 1st, until construction of the Project has been completed and the Owner has submitted to the City the Certificate of Completion, and thereafter on February 1st every three years, the Owner shall prepare and submit to the City a Certificate o...
CDLAC Requirements. To the extent the income and rent restrictions contained in the CDLAC Requirements are more restrictive than any of the foregoing requirements, the Owner shall comply with the CDLAC Requirements.
CDLAC Requirements. The acquisition, construction and operation of the Project and the financing thereof are and shall be in compliance with the conditions set forth in Exhibit A to the CDLAC Resolution (the “CDLAC Conditions”), as it may be amended, which conditions are incorporated herein by reference and are made a part hereof; provided, however, the Governmental Lender shall have no obligation under this Regulatory Agreement to monitor and enforce the Borrower’s compliance with the CDLAC Conditions. The Borrower shall prepare and submit to CDLAC (with a copy to the Governmental Lender), at the times required by CDLAC, a Certificate of Compliance in substantially the form attached hereto as Exhibit B hereto (or in such other form as CDLAC may require), executed by an authorized representative of the Borrower.
(a) 57 of the units in the Project and the Other Project be restricted for a term of 55 years, 6 of which units must be rented or held vacant and available for rental for persons or families whose income is at 50% or below of the Area Median Gross Income, and 51 of which units must be rented or held vacant and available for rental by persons or families whose income is at 60% or below of Area Median Gross Income.
(b) A minimum of $15,324,110 of public funds will be expended for the Project and the Other Project.
(c) The Project and the Other Project and/or the financing must comply with the requirements in paragraphs 13, 18, and 25 of Exhibit A to the CDLAC Resolution. The Borrower will promptly provide any information reasonably requested by the Governmental Lender in order for the Governmental Lender to comply with any regulations of CDLAC applicable to the CDLAC Resolution, the CDLAC Conditions, the Funding Loan Notes or the Projects, including but not limited to Section 5144 of Article 11 of the CDLAC regulations. The Borrower will promptly provide any information requested by the Governmental Lender in order for the Governmental Lender to complete any Annual Applicant Public Benefit and On-going Compliance Self Certification or otherwise to comply with any regulations of CDLAC applicable to the CDLAC Resolution, the CDLAC Conditions or the Project, including but not limited to Section 5144 of Article 11 of the CDLAC regulations. The requirements of this Section 7 may be waived in writing by CDLAC in its sole and absolute discretion, without the consent of the Governmental Lender or the Bank. CDLAC and the Governmental Lender each shall have the right (but not the...
CDLAC Requirements. The acquisition, rehabilitation, equipping and operation of the Project and the financing thereof are and shall be in compliance with the conditions set forth in Exhibit A to the CDLAC Resolution, a copy of which is attached hereto as Exhibit D, which conditions are incorporated herein by reference and are made a part hereof. The Governmental Lender shall monitor and enforce the Borrower’s compliance with the provisions of this Section 30. The Borrower shall prepare and submit to CDLAC on each anniversary of the Closing Date, and on such other date as is reasonably requested by CDLAC, a Certificate of Compliance in substantially the form attached hereto as Exhibit E, executed by an authorized representative of the Borrower. CDLAC shall be a third-party beneficiary of this Regulatory Agreement solely for purposes of enforcing the terms of the CDLAC Resolution. CDLAC shall have the right to enforce the terms of the CDLAC Resolution through an action for specific performance or any other available remedy; provided, however, that CDLAC shall not take any action or enforce any remedy that would be materially adverse to the interests of the holders of the Governmental Lender Note and any such action or enforcement shall otherwise be subject to the terms, conditions and limitations applicable to the enforcement of remedies under this Regulatory Agreement.
CDLAC Requirements. The Owner hereby agrees that the rehabilitation, equipping and operation of the Project and the financing thereof is and shall be in compliance with the conditions set forth in Exhibit A to CDLAC Resolution No. 16-40 adopted on May 18, 2016, attached hereto as Exhibit F (the “CDLAC Resolution”), which conditions (the “CDLAC Requirements”) are incorporated herein by reference and are made a part hereof. Annually on February 1, and as otherwise requested by CDLAC, the Owner shall prepare and submit to the City a Certificate of Compliance in substantially the form attached hereto as Exhibit G, executed by an Authorized Owner Representative.
CDLAC Requirements. In addition to the other requirements set forth herein and to the extent not prohibited by the requirements set forth in Sections 2 through 6 hereof, the Owner hereby agrees: i) to comply with the CDLAC Resolution (defined herein);
CDLAC Requirements. The Owner hereby agrees that the construction, equipping and operation of the Project and the financing thereof is and shall be in compliance with the conditions set forth in Exhibit A to CDLAC Resolution No. 13-45 adopted on July 17, 2013, and Exhibit A of CDLAC Resolution No. 13- adopted on September 18, 2013, both attached hereto as Exhibit F (collectively, the “CDLAC Resolution”), which conditions are incorporated herein by reference and are made a part hereof. The Owner shall annually on each anniversary of the Closing Date, and as otherwise requested by CDLAC, prepare and submit to the City a Certificate of Compliance in substantially the form attached hereto as Exhibit G, executed by an Authorized Owner Representative.
CDLAC Requirements. The acquisition, construction, equipping and operation of the Project and the financing thereof are and shall be in compliance with the conditions set forth in Exhibit A to the CDLAC Resolution, a copy of which is attached hereto as Exhibit D, which conditions are incorporated herein by reference and are made a part hereof. The Governmental Lender shall monitor and enforce the Borrower’s compliance with the provisions of this Section 26. In addition, Borrower shall cooperate with the Government Lender’s reporting requirements and utilize such forms, software, websites and third-party vendors as may be required by the Governmental Lender in its monitoring efforts. The Borrower shall prepare and submit to CDLAC annually by February 1 of each year following the Closing Date, and on such other date as is reasonably requested by CDLAC, a Certificate of Compliance in substantially the form attached hereto as Exhibit E, executed by an authorized representative of the Borrower and the form of CDLAC public benefits certification in the form attached hereto as Exhibit F. CDLAC shall be a third-party beneficiary of this Regulatory Agreement solely for purposes of enforcing the terms of the CDLAC Resolution. CDLAC shall have the right to enforce the terms of the CDLAC Resolution through an action for specific performance or any other available remedy; provided, however, that CDLAC shall not take any action or enforce any remedy that would be materially adverse to the interests of the holders of the Tax-Exempt Obligations and any such action or enforcement shall otherwise be subject to the terms, conditions and limitations applicable to the enforcement of remedies under this Regulatory Agreement.
CDLAC Requirements. The acquisition, rehabilitation and operation of the Development and the financing thereof are and shall be in compliance with the conditions set forth in Exhibit A to the CDLAC Resolution (the “CDLAC Conditions”), as it may be amended, which conditions are incorporated herein by reference and are made a part hereof; provided, however, the Issuer shall have no obligation under this Regulatory Agreement to monitor and enforce the Borrower’s compliance with the CDLAC Conditions. The Borrower shall prepare and submit to CDLAC, at the times required by CDLAC, a Certificate of Compliance in substantially the form attached hereto as Exhibit B hereto (or in such other form as CDLAC may require), executed by an authorized representative of the Borrower.
(a) 69 of the units in the Development be restricted for a term of 55 years, including 36 units rented or held vacant for rental for persons or families whose income is at 50% or below of the Area Median Gross Income and 33 units rented or held vacant for rental for persons or families whose income is at 60% or below of the Area Median Gross Income.
(b) The Development will utilize Gross Rents as defined in Section 5170 of CDLAC’s regulations.
(c) A minimum of $10,000 in hard construction costs will be for each Development unit.
CDLAC Requirements. The acquisition, construction and operation of the Project and the financing thereof are and shall be in compliance with the conditions set forth in Exhibit A to the CDLAC Resolution (the “CDLAC Conditions”), as it may be amended, which conditions are incorporated herein by reference and are made a part hereof; provided, however, the Issuer shall have no obligation under this Regulatory Agreement to monitor and enforce the Borrower’s compliance with the CDLAC Conditions. The Borrower shall prepare and submit to CDLAC, at the times required by CDLAC, a Certificate of Compliance in substantially the form attached hereto as Exhibit B hereto (or in such other form as CDLAC may require), executed by an authorized representative of the Borrower.
(a) 45 of the units in the Project be restricted for a term of 55 years, including 31 units rented or held vacant for rental for persons or families whose income is at 50% or below of the Area Median Gross Income and 14 units rented or held vacant for rental for persons or families whose income is at 60% or below of the Area Median Gross Income.
(b) A minimum of $9,922,660 of public funds will be expended for the Project. The Borrower will promptly provide any information reasonably requested by the Issuer in order for the Issuer to comply with any regulations of CDLAC applicable to the CDLAC Resolution, the CDLAC Conditions, the Bonds or the Project, including but not limited to Section 5144 of Article 11 of the CDLAC regulations.