Sources of Financing. The Acquisition and Development Costs shall be financed with a combination of “Sources of Financing” Developer anticipates will likely include some of the following sources: 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 to, (i) amending and duplicating the Ground Lease, so long as such amendments substantially conform in form and substance to the attached form of Ground Lease; (ii) amending and duplicating the Regulatory Agreement so long as such amendments substantially conform in form and substance to the attached form of Regulatory Agreement; (iii) attaching separate Schedules of Performance to the DDA by an amendment to the DDA; (iv) attaching separate Scopes of Development to the DDA by an amendment to the DDA. The Director may administratively approve any proposed changes, modifications, or amendments contemplated under this Section, or in his or her discretion, refer any such proposed changes, modifications, or amendments for consideration by County Board of Supervisors.
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Sources of Financing. The Acquisition and Development Costs shall be financed with a combination of “Sources of Financing” Developer anticipates will likely include some of the following sourcesfollowing: 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 to, (i) amending and duplicating the Ground Lease, so long as such amendments substantially conform in form and substance to the attached form of Ground Lease; (ii) amending and duplicating the Regulatory Agreement so long as such amendments substantially conform in form and substance to the attached form of Regulatory Agreement; (iii) attaching separate Schedules of Performance to the DDA by an amendment to the DDA; (iv) attaching separate Scopes of Development to the DDA by an amendment to the DDA. The Director may administratively approve any proposed changes, modifications, or amendments contemplated under this Section, or in his or her discretion, refer any such proposed changes, modifications, or amendments for consideration by County Board of Supervisors.
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