Agmt 2009 Alameda Housing Associates LP

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receipt of the proposed modifications, then the Financing Plan and the encumbrances which may be recorded against the Property in connection with the financing contemplated by the Financing Plan shall be deemed disapproved by the Agency. The Agency agrees not to unreasonably withhold consent to proposed modifications to the Financing Plan. Consistent with the Financing Plan, provided such funds are available, Developer agrees to submit an application to the California Department of Housing and Community Development ("HCD") for Multifamily Housing Program ("MHP") funds in 2009, and Developer will re- apply for MIIP funds if Developer's initial application is denied. If Developer is awarded IVII~P funds, Developer will apply to the California Tax Credit Allocation Committee ("TCAC") for 4°,/o federal and State low-income housing tax credits as soon as reasonably practicable. With Agency approval, as an alternative to obtaining MHP funds and 4°'o federal and State low- income housing tax credits, Developer may apply for an allocation of 9% federal low-income housing tax credits; provided however, Developer may apply for an allocation of 9% federal low-income housing tax credits without Agency approval if the use of such credits would not materially reduce the total financing sources for the Project, impair Developer's ability to repay the Loan, or delay the development schedule contemplated by this Agreement. Developer shall submit to the Agency copies of Developer's application for tax credits and MI-fP funding, as applicable, for the Project concurrently with Developer's submittal of such applications to TCAC and/or HCD and shall concurrently provide to Agency an update to the Financing Plan including an updated schedule of sources and uses and updated development and operating pro formas, accompanied by evidence that all Project financing has been firmly committed by Developer, or lending institutions, subject only to commercially reasonable conditions or allocation(s) for low-income housing tax credits from TCAC or receipt of funding commitments from HCD, as applicable. Prior to commencement of Project construction, Developer will make an initial application for Federal Home Loan Bank Affordable Housing Program ("AHP") funding for the Project, and will re-apply before or after commencement of construction of the Project if Developer does not receive an award from the first application. If Developer receives AI~P funding, then the amount of the Agency Loan will be reduced by the amount of the AIlI' funding. Alternatively, in Agency's discretion, Agency may agree to permit Developer to reallocate financing sources in order to permit the development of an on-site childcare facility. 3.8 Development Schedule. Developer shall commence and complete construction of the Project and shall satisfy all other obligations of Developer under this Agreement within the time periods set forth herein, as such time periods may be extended upon the mutual written consent of the Parties. Subject to force majeure, the availability of financing, and the City's issuance of permits and approvals, Developer shall commence construction of the Project not later than thirty (30) months following the Effective Date. Developer shall commence construction work on the Project within thirty (30) days following issuance of building permits, and Developer shall diligently prosecute to completion the construction of the Project in order to allow City to issue a final certificate of occupancy within twenty-four (24) months following commencement of construction work and in no event later than fifty-four (54) months following the Effective Date. If Developer demonstrates a good faith effort to secure financing for the > > ~s9s~-s 10