Development Subsidy. The Development Subsidy is the amount of the NSP3 Loan attributable to the Project expended for NSP3-eligible costs identified in the Approved Budget, minus the Selling Price of the Project Unit (as defined in Section 20). (2)
Development Subsidy. The Development Subsidy 2 is the amount of the NSP3 Loan attributable to the 3 Project expended for NSP3-eligible costs identified 4 in the Approved Budget, minus the Selling Price of 5 the Project Unit (as defined in Section 20).
Development Subsidy. This is available to developers of homeownership units when the appraised value/sales price of the completed home minus the approved developer’s fee maximum of 15% is less than the total development costs. In these circumstances, the developer fee will be limited to 15% of the sales price and the remaining balance after applying the sales proceeds will be provided out of CHIP funds as a grant to the developer. The maximum development subsidy amount is $20,000.
