06-08-2022 Council Packet - Laserfiche WebLink

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73505919v2 3 “Governmental Lender” means the City of Little Canada, Minnesota, a municipal corporation and political subdivision of the State. “Housing Act” means the United States Housing Act of 1937, as amended, codified as 42 U.S.C. Sections 1401 et seq. “Loan” means the loan of the proceeds of the Note provided by the Governmental Lender to the Borrower pursuant to the Loan Agreement to provide financing for the Project. “Loan Agreement” means the Borrower Loan Agreement, dated as of June 1, 2022, between the Governmental Lender, the Borrower, and the Fiscal Agent, as it may be amended and supplemented from time to time. “Low Income Tenants” means persons or families with Adjusted Income which does not exceed 60% of the Median Income for the Area adjusted for household size. In no event will the occupants of a unit be considered to be Low Income Tenants if all of such occupants are students (as defined in Section 152(f)(2) of the Code), unless the unit is occupied: (i) by an individual who is (A) a student and receiving assistance under Title IV of the Social Security Act, (B) a student who was previously under the care and placement responsibility of the State agency responsible for administering a plan under Part B or Part E of Title IV of the Social Security Act, or (C) enrolled in a job training program receiving assistance under the Job Training Partnership Act or under other similar federal, State, or local laws; or (ii) entirely by full-time students if such students are (A) single parents and their children and such parents are not dependents (as defined in Section 152 of the Code, determined without regard to subsections (b)(1), (b)(2), and (d)(1)(B) thereof) of another individual and such children are not dependents (as defined in Section 152 of the Code, determined without regard to subsections (b)(1), (b)(2), and (d)(1)(B) thereof) of another individual other than a parent of such children, or (B) married and entitled to file a joint return. “Low Income Units” means the Dwelling Units in the Project designated for occupancy by Low Income Tenants pursuant to Section 4(a) of this Regulatory Agreement. “Median Income for the Area” means the median yearly income for households of an applicable size in the applicable Primary Metropolitan Statistical Area as most recently determined by the Secretary of Housing and Urban Development under Section 8(f)(3) of the Housing Act, or, if such figures are no longer available, the method of calculation is substantially altered, or the programs under Section 8(f) are terminated, the Governmental Lender shall provide the Borrower with another income determination that is reasonably similar to the method used by the Secretary prior to such termination. “Note” means the Governmental Lender’s Multifamily Housing Revenue Note (Twin Lake Apartments Project), Series 2022, issued in the original aggregate principal amount of $9,319,750.