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New Deferred Developer Fee Procedure
A recent Memo from Patricia Burke to MAP lenders provides a limited waiver that allows use of deferred developer fees to be more consistent with common industry used in the Housing Credit Program.  A note is no longer required when not already required by transaction documents and the deferred developer fee remains solely an obligation under the Limited Partnership Agreement (LPA) or Operating Agreement (OA) and the Development Agreement, with repayment limited to 75% of surplus cash.


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