§ 891.135. Amount and terms of capital advances.
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/us/cfr/t24/s§ 891.135·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Amount of capital advances. The amount of capital advances approved shall be the amount stated in the notification of fund reservation, including any adjustment required by HUD before the final closing. The amount of the capital advance may not exceed the appropriate development cost limit.
(b)Estimated development cost. The amount of the capital advance may not exceed the total estimated development cost of the project (as determined by HUD), less the incremental development cost associated with excess amenities and design features to be paid for by the Sponsor under § 891.120.