Common use of Progress Payments of Developer’s Housing Allocation Clause in Contracts

Progress Payments of Developer’s Housing Allocation. To be eligible for the entire Developer’s Housing Allocation, Developer must construct fifty (50) units to be operated as Moderate Income Housing within the Open District. Developer may request progress payments from Agency upon the completion of each unit qualifying Moderate Income Housing. Such portions of Developer’s Housing Allocation that have not been distributed to Developer shall be retained by the Agency in an interest bearing account until disbursement in accordance with this Agreement. Developer shall supply cost information to Agency to assist Agency in confirming that Developer’s Housing Allocation is less than developers cost for Moderate Income Housing, which costs shall include the proportionate share of land, site/infrastructure improvements, building common areas and amenities. The proportionate share will be the ratio of the gross leasable affordable housing unit area to the gross leasable residential area.

Progress Payments of Developer’s Housing Allocation. To be eligible for the entire Developer’s Housing Allocation, Developer must construct fifty (50) units to be operated as Moderate Income Housing within the Open District. Developer may request progress payments from Agency upon the completion of each unit qualifying Moderate Income Housing. Such portions of Developer’s Housing Allocation that have not been distributed to Developer shall be retained by the Agency in an interest bearing account until disbursement in accordance with this Agreement. Developer shall supply cost information to Agency to assist Agency in confirming that Developer’s Housing Allocation is less expended on the construction of units, and improvements supporting units, operated asless than developers cost for Moderate Income Housing., which costs shall include the proportionate share of land, site/infrastructure improvements, building common areas and amenities. The proportionate share will be the ratio of the gross leasable affordable housing unit area to the gross leasable residential area.