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Council allows nonrecourse language after construction for Jefferson School Lofts loan
Summary
The Oskaloosa City Council authorized promissory-note language that keeps the loan recourse during construction but shifts to nonrecourse after substantial completion, aiming to preserve low-income housing tax-credit financing while protecting the city during construction risks.
Oskaloosa — The City Council on Nov. 17 authorized a compromise on loan language for the Jefferson School Lofts senior housing project that makes the promissory note recourse during construction and nonrecourse after substantial completion.
Developers told council investors required nonrecourse language to preserve their ability to syndicate low-income housing tax credits. John Cronin, part of the development team, said the project faced a funding gap after the market price for tax-credit syndication fell and that the investor’s legal counsel needed…
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