Ne Construction Sample Clauses

Ne Construction. The term of the Contract will be governed by the fol- lowing provisions: (1) For assisted units in a project fi- nanced with the aid of a loan insured by the Federal government (including coinsurance under Section 244 of the National Housing Act) or a loan made, guaranteed or intended for purchase by the Federal government and for as- sisted units in newly constructed man- ufactured home parks, the term of the Contract will be 20 years. (2) For assisted units in a project owned by or financed by a loan or loan guarantee from a State or local agen- cy, where the assisted units are in- tended for occupancy by non-elderly families and where it is located in an area designated by the Assistant Sec- retary as one requiring special ▇▇▇▇▇- cial assistance, the Contract will be for an initial term of 20 years for any dwelling unit, with provision for re- newal for additional terms of not more than 5 years each. The total term of initial and renewal terms will not ex- ceed the lesser of (i) 40 years for any dwelling unit, or (ii) the term of the permanent financing (but not less than 20 years). (3) For assisted units in all other projects, the Contract will be for an initial term of 20 years for any dwell- ing unit, with provision for renewal for additional terms of not more than 5 years each. The total term of initial and renewal terms will not exceed the lesser of (i) 30 years for any dwelling unit, or (ii) the term of the permanent financing (but not less than 20 years).