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are under active consideration by the City at the time of approval, with lean. • <br /> approval subject to the City's final approval of such plans or ordinances- <br /> 11 . <br /> rdina .ces.11 . The applicant must agree to retain ownership of the project =:t least long <br /> enough to complete it, to stabilize its occupancy, and to establish the project <br /> management. <br /> 12. All Partnership loans/guarantees will need to meet the "but for' test: <br /> loans/guarantees will be approved only if it is demonstrated that, but for the <br /> Partnership's economic assistance, the project could not proceed in the <br /> manner proposed. <br /> 13. Partnership loans/guarantees will not be approved when, in the sole judgment <br /> of the Partnership, the applicant's credentials are inadequate because of prior <br /> failure to complete projects, general reputation, bankruptcy, or other <br /> problems or issues considered relevant by the Partnership. <br /> 14. Partnership loans/guarantees will not be approved for projects that would <br /> generate environmental problems in the opinion of the Partnership or local, <br /> state or federal governments. <br /> 15. Partnership loans/guarantees will not be approved for projects in which any <br /> Partnership affiliate, including officers, directors or employees of a general <br /> partner or limited partner, holds a substantial interest. -- <br /> CONFORMANCE WITH THESE POLICY GUIDELINES DOES NOT CREATE AN <br /> ENTITLEMENT TO THE CREDIT ENHANCEMENT APPLIED FOR. THE POLICY <br /> GUIDELINES STATE THE MINIMUM REQUIREMENTS WHICH MUST BE MET TO <br /> APPROVE AN APPLICATION. THE LIMITED PARTNERSHIP RETAINS FULL <br /> DISCRETION TO ACCEPT OR DENY APPLICATIONS ON THE BASIS OF ADDITIONAL <br /> CRITERIA. ALL APPLICATIONS ARE SUBJECT TO APPROVAL, IN WRITING, BY <br /> THE GENERAL PARTNER. <br /> S <br /> CPw64424 <br /> BR275-20 <br />