Common use of Amount of Credit Clause in Contracts

Amount of Credit. The full amount of the Credit Reservation is believed to be necessary for the financial feasibility and viability of the Development throughout the Credit Period as a qualified low-income housing project within the meaning of Code Section 42. Owner hereby acknowledges that the terms, conditions, obligations, restrictions, covenants, representations and warranties contained in this Agreement are necessary to ensure that the Development will be operated in accordance with the Code, the Credit Program, and the QAP, and that OHFA has relied on Owner's agreement to execute this Agreement as a recorded restrictive covenant that runs with the Land and that touches and concerns the Development and any portion thereof, in determining whether to issue a final Allocation to the Development, and whether each Building in the Development will qualify for Credit.