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The Agency will make available up to 50% of the approved construction loan required to complete the project. The balance of the construction loan will be through a co-first Lead Lender that will lend a matching 50%. The co-first construction loan will be equal to the lender approved development budget, less other funds available during construction (i.e., equity, subsidy). The Lead Lender will: underwrite the total construction loan and development budgets in accordance with the broad Underwriting Parameters for MONI established by the Agency; approve plans and specifications; make progress inspections, and approve draw requests and disburse the HIF and MONI project funds. The Lead Lender will provide the final approved budget, sale prices and funding sources to the Agency prior to closing. Borrowed funds will be at the blended Agency/Lender rate.
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