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April 30, 2024
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New construction or rehab? Also, what kind of recourse? Construction guarantee? Guaranteeing delivery of credits? From what I remember in a previous life, no real way to avoid the former, but developer shouldn't be on the hook for delivery of credits assuming factors out of their control (e.g. legislative risk).
Tax credit recapture guarantee, construction completion guarantee, and operating deficit guarantee.
Project is ground up new construction.
Tax credit recapture: known developers can get out of this, excepting for actions or negligence that cause the recapture.
Completion: kind of depends. There are GCs who will put up the completion guarantee for you, just costs more.
ODG: this was always a huge bone of contention, much more so than the other two, and sadly one I usually lost. I don't think it's always the case, but most of the time we ended up with it. Depends on the bank and the deal.
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