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.

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

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.

Examples of Predevelopment Loan in a sentence

• 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 entire principal amount of the Predevelopment Loan shall mature and be due and payable upon the Closing for Phase 2; provided, however, that if the Closing does not occur on or before September 30, 2016, then the Owner shall deliver its Project Documents (as defined in the Assignment of Project Documents in the attached Exhibit C) to the City in lieu of repayment of the Predevelopment Loan, or as may otherwise be specified in the Master Development Agreement dated June 20, 2012.

• The City Predevelopment Loan shall be evidenced by and subject to the terms and conditions set forth in the City Predevelopment Note (Attachment No. 8A).

• Authorize the San Diego Housing Commission (Housing Commission) on behalf of the Housing Authority of the City of San Diego (Housing Authority) to: (i) enter into an Exclusive Negotiating Agreement with Bridge Housing Corporation (Bridge); and (ii) make a Predevelopment Loan for the potential sale of property on the southeast corner of Famosa and Nimitz Boulevards.

More Definitions of Predevelopment Loan

Predevelopment Loan means a loan for required expenses, other

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

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 has the meaning set forth in Paragraph O of the

Predevelopment Loan means the loan of HOME Funds referred to the Recitals of this Agreement to be provided by the City to Developer for the Eligible Predevelopment Expenses, as more fully explained in Section 3 and itemized in Exhibit A to this Agreement.

Predevelopment Loan means the loan in the amount of up to $250,000 that City will provide to Developer pursuant to the Predevelopment Loan Agreement.

Predevelopment Loan means the County loan to Borrower in the total principal amount not to exceed Three Hundred Thousand Dollars ($300,000) for the partial funding of Predevelopment Activities.