Common use of Program Restrictions Clause in Contracts

Program Restrictions. (***) of the units in this development (*** ***- bedroom and *** ***-bedroom units) (the “Sixty Percent Units”) must be occupied or available for occupancy by households whose incomes do not exceed the 60% income limit for Multifamily Tax Subsidy Projects as determined by HUD with respect to projects financed pursuant to Code Section 142(d) as amended by the Housing and Economic Recovery Act of 2008 (P.L. 110-289) ("MTSP Limits"), adjusted for family size. *** (***) of the units in this development (*** ***-bedroom and *** ***-bedroom units) (the “***Percent Units”) must be occupied or available for occupancy by households whose incomes do not exceed [if other units are at 50% of median income] the MTSP Limits Very Low Income limit, adjusted for family size [if the limit is other than 50%] ***% of area median gross income based upon the MTSP Limits, adjusted for family size. These restrictions shall remain in effect for the longest of the period the Mortgage Loan is outstanding, the time required under the Low Income Housing Tax Credit (“LIHTC”) Program Regulatory Agreement or fifty (50) years after closing of the Mortgage.

Program Restrictions. (***) of the units in this development (*** ***- bedroom and *** ***-bedroom units) (the “Sixty Percent Units”) must be occupied or available for occupancy by households whose incomes do not exceed the 60% income limit for Multifamily Tax Subsidy Projects Projects, as determined by HUD with respect to projects financed pursuant to Code Section 142(d) of the Internal Revenue Code of 1986, as amended (the "Code") as amended by the Housing and Economic Recovery Act of 2008 (P.L. 110-289) )" ("MTSP Limits"), adjusted for family size. *** (***) of the units in this development (*** ***-bedroom and *** ***-bedroom units) (the “***Percent Units”) must be occupied or available for occupancy by households whose incomes do not exceed [if other units are at 50% of median income] the MTSP Limits Very Low Income limit, adjusted for family size [if the limit is other than 50%] ***% of area median gross income based upon the MTSP Limits, adjusted for family size. These restrictions shall remain in effect for the longest of the period the Mortgage Loan is outstanding, the time required under the Low Income Housing Tax Credit (“LIHTC”) Program Regulatory Agreement or fifty (50) years after closing of the Mortgage.