Laserfiche WebLink
P. Project Restructuring, Transfer, Sale, Change of Use <br /> 1. City Review. In the event of a proposed restructuring of the project, which may include <br /> sale, refinancing, change of use, transfer of ownership interests and/or the Ownership, <br /> the owner shall submit to the City for review and approval, such information as the City <br /> deems necessary to review and approve the proposed terms of the transaction, <br /> including the proposed ownership entity, and information sufficient to ensure the <br /> continued viability of the project for which the HOME funding was provided, or such <br /> alternate plan acceptable to the City that provides on-going viability of the project for <br /> low income housing. <br /> Except as otherwise provided herein, City review and approval is required for such <br /> events, which may include, but are not limited to: <br /> a. Refinancing, or restructuring of existing financing, with or without a change of <br /> ownership; <br /> b. Sale or transfer of ownership or ownership interests; and <br /> c. Proposed change of use, including populations served. <br /> 2. For projects financed through the Low Income Housing Tax Credit (LIHTC) program <br /> the City shall review, and may consent, when such consent furthers the ongoing <br /> performance of the project supported by this Loan Agreement, and whose consent <br /> shall not be unreasonably withheld, the following Permitted Transfers for LIHTC <br /> projects, which may include: <br /> a. The removal of the General Partner or general partner of Owner for cause in <br /> accordance with an Owner's First Amended and Restated Agreement of Limited <br /> Partnership (the "Partnership Agreement; <br /> b. The transfer or sale of the Project to a nonprofit corporation or public agency <br /> approved by City and in compliance with the HOME regulations, including without <br /> limitation, a transfer to Housing Hope Properties pursuant to the terms of a <br /> purchase option and right of first refusal agreement made in connection with the <br /> formation of Owner; and <br /> c. The transfer of the Project to a qualified nonprofit corporation or public agency <br /> acceptable to City and in compliance with the HOME Regulations, without <br /> substantial consideration to the transferor other than assumption by the transferee <br /> of outstanding obligations. <br /> Loan Agreement <br /> Housing Hope Properties <br /> Page 27 of 51 <br />