He further concluded that, as completion of the sale agreements approached in April 2005, and the directors came to appreciate that the club would have insufficient funds from the completion monies with which to make a substantial
additional payment to E, all that had been agreed between them was the principle that he should
receive a substantial payment as soon as the club was in a position to make it, out of monies
flowing to the club from the claimant companies in connection with the project, but that no specific amount had been agreed, nor any requests made to the claimants that they should bear the burden, either in terms of cash
flow or expense sharing.
Additionally, the property may
receive tenant - based Section 8 benefits via the local public housing authority that allow the landlord to charge a higher rent than the acceptable LIHTC rent (known as the Section 8 overhang), generating
additional cash
flow.