Sources of Financing. The Purchaser has available to it sufficient cash resources, a firm, unconditional equity commitment and/or a firm, unconditional financing commitment in an aggregate amount not less than the aggregate Cash Consideration to be paid by Purchaser pursuant to this Agreement.
Sources of Financing. The Company may utilize a variety of debt vehicles, including warehouse lending arrangements, reverse repurchase agreements, securitizations of mortgage loans or other secured or unsecured financing sources, as deemed appropriate by the Manager, considering the availability of financing sources and existing rates and market conditions at any given time.
Sources of Financing. The sources of financing and the responsibilities of all partners must be specified, as per the financing conditions. This section is optional.
Sources of Financing. The parties anticipate that the costs of acquiring the Property and developing and constructing the Improvements on the Housing Parcel and Retail Parcels (the “Acquisition and Development Costs”) shall be financed with a combination of loans and Owner's equity, as set forth in the following chart and as described below: Source of Funds Construction Permanent Tax Credit Assistance Program (TCAP) $10,518,309 $14,024,415 Permanent Loan $2,565,000 Construction Loan (Less Interim Repayment) $13,085,000 ($4,627,363) Agency Land Purchase $5,265,000 $5,265,000 Agency Loan $3,294,900 $3,661,000 Multifamily Housing Program $3,301,191 Mental Health Services Act Program $2,752,000 $2,752,000 Cal ReUSE Remediation Grant $94,330 $94,330 Deferred Developer Fee $1,000,000 $140,093 Income During Lease-Up $51,348 $51,824 Deferred Funding of Reserves $421,329 Agency Garage Payment $1,344,000 $1,344,000 TOTAL $33,198,853 $33,198,853
Sources of Financing. The Acquisition and Development Costs shall be financed with a combination of “Sources of Financing” Developer anticipates will include the following: federal and state Low Income Housing Tax Credits and related equity, private (bank) construction and permanent financing (which may include bond financing), Project Based Vouchers, soft loans from the San Diego Housing Commission, funding from the State of California Department of Housing and Community Development (which may include MHP and AHSC financing), Innovative Housing Trust Funds, Affordable Housing Program Funds and other gap financing sources. Developer shall use best efforts to procure the above referenced Sources of Financing or portions thereof needed to allow for a financially feasible development of the Project in accordance with the Schedule of Performance. For purposes of this Section, “best efforts” means Developer has submitted an application for each of the Sources of Financing by each of the deadlines required by (i) those respective Sources of Financing and (ii) the Schedule of Performance, and has used diligent efforts to submit applications that are complete and responsive. Developer shall not have any obligation to apply for any of the Sources of Financing until such time as Developer reasonably determines that the Project meets the threshold criteria for such financing and will be competitive in any application for such financing. In the event that the Developer is not able to obtain the Sources of Financing, despite its best efforts, or in the event the Developer reasonably determines that the Project is infeasible, despite Developer’s best efforts, Developer may terminate this Agreement pursuant to Section 508, and upon such termination, neither County nor Developer shall have any further remedies against the other for termination of this Agreement. The Sources of Financing listed here and in the Schedule of Performance may be revised from time to time by the Developer, subject to the approval of the County which will not be unreasonably withheld, conditioned, or delayed. SECTION 212 Structuring to Facilitate Financial Feasibility. Developer intends to obtain awards of 4% and/or 9% Low Income Housing Tax Credits to finance the Project. In order to implement this financing, the County will, in its reasonable discretion, make amendments and/or modifications to the DDA, including its attachments, that are reasonably necessary for such financing, including, but not necessarily limited...
Sources of Financing. In addition to the Senior Loan as previously obtained for the acquisition of the Site, Developer and City anticipate the following funding sources to be obtained for the Project and utilized by Developer in addition to the City Loan. The final sources and amounts of funding for the Project as well as the final cost estimates with respect to the acquisition of the Site, Construction and operation of the Proj ect shall be set forth in the Final Budget which is required to be submitted to City as a Condition Precedent pursuant to Section 401.
Sources of Financing. The parties anticipate that the costs of developing and constructing the Improvements on the Property related to the Affordable Family Housing Units (the “Development Costs” or "Family Development Costs") shall be financed with a combination of loans, grants and equity, as set forth in the following chart and as described below, which chart shall be updated if the costs of developing and constructing the Improvements change, or if the financing changes, all subject to the reasonable approval of the Agency Executive Director (as updated, the “Sources of Financing” or “Family Sources of Financing”): Source of Funds Construction Permanent Senior Loan $28,000,000 $3,590,682 Bridge/Gap Loan $587,386 $0 HCD XXX Loan $0 $7,150,000 MHSA Loan $1,462,000 $1,462,000 Agency Loan $9,255,000 $9,255,000 Housing Commission Loan $500,000 $500,000 Prop 1C XXX Xxxxx $3,636,109 $3,636,109 Prop 1C Infill Infrastructure Grant $7,659,715 $7,659,715 SANDAG Grant $701,238 $701,238 Ca. Pollution Control Grant $1,287,552 $1,287,552 Limited Partnership Equity $1,000,000 $20,437,626 General Partner Equity $20,438 $20,438 Deferred Interest $283,076 $283,076 Deferred Owner Fee $0 $488,818 TOTALS $54,392,5131 $56,472,254
Sources of Financing. The parties anticipate that the costs of acquiring the Property and developing and constructing the Improvements thereon (the "Acquisition and Development Costs") shall be financed with a combination of loans and equity, as set forth in the following chart and as described below, which chart shall be updated if the costs of developing and constructing the Improvements change, or if the financing changes, all subject to the approval of the City (as updated, the “Sources of Financing”): TO BE UPDATED Source of Funds Construction Permanent Tax-Exempt Loan/Construction Loan $44,237,300 Permanent Loan $2,000,000 Tax Credit Equity (4%) $620,800 $14,261,000 Tax Credit Equity (9%) $1,025,800 $20,110,000 Agency Loan $19,685,700 $21,873,000 CalHFA (MHSA) $2,812,000 $2,812,000 Agency Deferred Interest $255,600 $255,000 Multi-Family Housing Program (MHP) $0 $10,000,000 FHLB Affordable Housing Program $1,000,000 (AHP) $1,000,000 GP Equity $0 $904,000 $69,637,200 TOTALS $73,215,000
Sources of Financing. The parties anticipate that the costs of the development of the Site and the construction of the improvements thereon (the “Development Costs”) shall be financed with a combination of Developer’s equity and City project funds (collectively, the “Construction Funding”) as set forth in the following chart and as described below:
Sources of Financing. The parties anticipate that the costs of acquiring the Property and developing and constructing the Improvements thereon (the "Acquisition and Development Costs") shall be financed with a combination of loans and equity, as set forth in the following chart and as described below, which chart shall be updated if the costs of developing and constructing the Improvements change, or if the financing changes, all subject to the approval of the City (as updated, the “Sources of Financing”): Source of Funds Permanent Construction City’s Acquisition Costs $4,782,000 $4,782,000 Institutional Loan $20,119,600 $0 Tax Credit Equity $3,737,200 $24,914,900 Developer Equity $0 $181,600 City Loan $13,728,000 $17,160,000 Income During Lease-Up $142,800 Soft Loan Interest $271,800 $ 435,100 TOTALS $42,638,600 $47,616,400 NOTE: As specified in Section 213 of the DDA, Developer shall use best efforts to procure the above referenced Sources of Financing as well as other sources of gap financing, including but not limited to XXX, IIG, MHSA and AHP funding.
