Requirements for Closing
Before a closing date is scheduled for an SFCP transaction, the HFA must receive the following:
- SFCP documents in substantially final form;
- documents establishing the creation of the partnership, corporation, limited liability company or other entity owning the development;
- evidence of site plan approval and plat approval;
- evidence satisfactory to the HFA, in its sole and unfettered discretion, indicating that all required construction permits have been received or will be received by the date scheduled for the closing of the SFCP transaction;
- a form certificate executed by the developer as required by the HFA stating that the developer has reviewed and accepts the SFCP documents, and that there are no unresolved issues relating to the development or SFCP funding which would prevent the developer from closing the transaction; and
- a list of all estimated transaction costs.
SFCP closings will be scheduled at a time and location acceptable to the HFA where final documents will be executed.