Multifamily Units Sample Clauses

Multifamily Units. In the case of multifamily units, the determination of affordability shall be based on the income and rent determination applicable for property subject to low income housing tax credit provisions under Section 42 of the Internal Revenue Code and applicable regulations, except that the qualifying percentage of median family income shall be as set forth above. Property to be conveyed to a successor of HHA for development may be released from this covenant upon execution and delivery and recording of a declaration approved by HCDPA and substantially in the form required by NYS DHR for property eligible for low income housing tax credits, except that the term of such affordability requirements shall be at least equal to thirty years from the date of this Agreement.