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CITY COUNCIL AGENDA REPORT MEETING DATE:May 21, 2013ITEM NUMBER:SUBJECT:COMMUNITY HOUSING DEVELOPMENT ORGANIZATION PREDEVELOPMENT LOAN AND COMMITMENT OF HOME PROGRAM FUNDS AGREEMENTDATE:May 1, 2013FROM:DEVELOPMENT
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How to fill out predevelopment loan and commitment

01
Gather all necessary information and documentation needed for the loan application.
02
Contact the lending institution or bank that offers predevelopment loans and commitments.
03
Request an application form for the predevelopment loan and commitment.
04
Fill out the application form accurately and completely, providing all the required information.
05
Attach any supporting documentation, such as financial statements or business plans, as required by the lender.
06
Review the completed application form and documents to ensure they are error-free and well-presented.
07
Submit the application form and supporting documents to the lending institution or bank.
08
Follow up with the lender to track the progress of the loan application.
09
If approved, carefully review the terms and conditions of the predevelopment loan and commitment.
10
Sign the loan agreement and commitment documents, adhering to the specified requirements and deadlines.
11
Use the funds from the predevelopment loan for eligible expenses, such as site assessment, architectural design, or environmental studies.
12
Maintain open communication with the lender throughout the predevelopment phase to ensure compliance and proper use of the loan funds.
13
Repay the predevelopment loan according to the agreed-upon terms and schedule.

Who needs predevelopment loan and commitment?

01
Developers or organizations planning to undertake a real estate or infrastructure development project.
02
Entrepreneurs or businesses seeking funding for feasibility studies or research related to a new product or venture.
03
Non-profit organizations or community groups aiming to assess the viability and potential impact of a social or community development project.
04
Government agencies or municipalities requiring financial support for predevelopment initiatives, such as urban planning or infrastructure design.
05
Individuals or entities looking to secure preliminary funds for construction planning, architectural design, or legal and regulatory consultations prior to project commencement.
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Predevelopment loan and commitment refers to a financial tool used to fund the early stages of a real estate project, typically used for feasibility studies, site planning, and other preliminary expenses.
Developers and real estate investors are typically required to file predevelopment loan and commitment.
To fill out predevelopment loan and commitment, one must provide detailed information about the project, estimated costs, timeline, and repayment terms.
The purpose of predevelopment loan and commitment is to secure financing for the initial stages of a real estate project to determine its feasibility.
Information such as project details, estimated costs, funding sources, and repayment terms must be reported on predevelopment loan and commitment.
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