TCAP Loan definition

TCAP Loan means the loan of TCAP Funds in the aggregate principal amount set forth in the Summary to be made by the Department to the Development Owner or any other Person contemplated herein to assist in the financing of the construction of the Development pursuant to all of the terms and conditions of this Agreement and the other TCAP Loan Documents. The TCAP Loan shall be payable in accordance with the terms set forth in Section
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TCAP Loan means that certain Tax Credit Assistance Program loan to Owner from the California Tax Credit Allocation Committee derived from the American Recovery and Reinvestment Act (ARRA) of 2009 Funds in such amount as set forth in the Amended Method of Financing.
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Examples of TCAP Loan in a sentence

  • In any event, pursuant to the Regulations no TCAP Loan may be extended for more than two years except by the Committee which may grant additional extensions upon a finding that it is in the public interest and furthers the purposes of the program.

  • The Committee neither undertakes nor assumes any responsibility or duty to Borrower (except as provided herein) or to any third party with respect to Borrower, the Development or the TCAP Loan.

  • In the event of a default under the Note, this Deed of Trust, the TCAP Loan Agreement, the Restrictive Covenants, the Program Requirements, and/or the Tax Credit Program Requirements, the entire unpaid principal sum due and payable under the Note, together with all other sums due under the Note, this Deed of Trust, the TCAP Loan Agreement, the Restrictive Covenants, the Program Requirements, and/or the Tax Credit Program Requirements shall be due and payable.

  • Owner shall use Assistance Funds in the amount of $ as a capital investment in that certain low income housing tax credit development known as (TN - ) located on the Real Property in accordance with the TCAP Loan Agreement, the Program Requirements and the Tax Credit Program Requirements.

  • Owner is the lawful owner and is now lawfully seized and possessed of a good and indefeasible title and estate in fee simple to the Real Property, free and clear of all liens, charges or encumbrances whatever, including liens of general and special taxes and assessments, excepting taxes for the current year which are not yet due, the permitted encumbrances listed on Exhibit B to the TCAP Loan Agreement, and the lien of this Deed of Trust.

  • Notwithstanding anything to the contrary contained in the Note, the TCAP Loan Agreement or this Deed of Trust, THDA shall have no obligation to make any advances under the Note, the TCAP Loan Agreement or this Deed of Trust which would not be secured hereby or enjoy the same priority granted other advances secured hereby.

  • In the event Owner fails to perform any Secured Covenant contained herein, or fail to make any other payment or perform any other act required to be performed hereunder or under the TCAP Loan Agreement, then, THDA, or the Trustee, upon not less than ten (10) business days prior written notice to Owner, may (but shall not be obligated to) remedy such default for the account of Owner and make advances for that purpose.

  • Owner shall, at its expense, take all necessary action to maintain and preserve the lien and security interest of this Deed of Trust so long as the Note and the TCAP Loan Agreement are in effect.

  • It will use the proceeds of the TCAP Loan to provide a residential rental project consisting of a building or buildings that are qualified low-income building(s) under Section 42 of the Code.

  • All terms not otherwise defined herein shall have the meaning ascribed to them in the TCAP Loan Agreement or the Program Requirements.