Extended Use Commitment definition

Extended Use Commitment means the agreement between the Partnership and the Agency, which is intended to meet the definition of a "long term commitment to low-income housing" as required by Section 42(h)(6) of the Code and the requirements of the Agency's Low-Income Housing Tax Credit Program.
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Examples of Extended Use Commitment in a sentence

  • This section shall apply notwithstanding the order of recording of any of the Loan Documents and the Extended Use Commitment, executed in connection with the allocation of federal low income housing tax credits to the Borrower for the Project pursuant to Section 42 of such Code.

  • The Low-Income Housing Tax Credit Regulatory Agreement includes the Low Income Housing Extended Use Commitment required of all tax credit projects and, if applicable, regulations governing those projects which are obligated to serve tenants with incomes at or below the 60% area median income.

Related to Extended Use Commitment

  • Extended Revolving Commitment shall have the meaning assigned to such term in Section 2.19(a).

  • Service commitment area means a medically underserved Iowa city with a population of less than 26,000 that is located more than 20 miles from a city with a population of 50,000 or more. Each applicant participating in the program must contract with the service commitment area to ensure the service commitment area provides a nonrefundable $2,000 contribution for deposit in the rural Iowa advanced registered nurse practitioner and physician assistant trust fund. Payment of the nonrefundable contribution to the trust fund can be made by, but is not limited to, the following organizations: community agencies, hospitals, medical groups, municipalities, community foundations, local government entities, or other community entities. Locations and distances between cities will be consistently measured and verified by calculating the straight-line distance between main post offices.

  • Initial Term Loan Commitment means the commitment of a Lender to make or otherwise fund an Initial Term Loan and “Initial Term Loan Commitments” means such commitments of all of the Lenders in the aggregate. The amount of each Lender’s Initial Term Loan Commitment, if any, is set forth on Appendix A-1 or in the applicable Assignment Agreement, subject to any adjustment or reduction pursuant to the terms and conditions hereof. The aggregate amount of the Initial Term Loan Commitments as of the Closing Date is $200,000,000.

  • Extended Revolving Commitments has the meaning specified in Section 2.16(2).

  • Total Revolving Commitment means the sum of the Revolving Commitments of the Lenders as the same may be decreased or increased pursuant to the terms of this Agreement. As of the Closing Date, the amount of the Total Revolving Commitment is $250,000,000.