Development Subsidy Clause Samples
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. 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.