Extended Use Agreement definition

Extended Use Agreement means the agreement executed by and between the Authority and the Owner, which is binding upon the Owner and all successors to the Owner, and which requires that the Project comply with the requirements of Section 42, the QAP, the Application and the Authority.

Extended Use Agreement means an agreement that satisfies the requirements of Section 42(h)(6)(B) of the Code.

Extended Use Agreement means the extended use housing commitment to be executed by the Partnership in accordance with the requirements of the Credit Agency and the provisions of Section 42(h)(6)(A) of the Code.

Examples of Extended Use Agreement in a sentence

• The Extended Use Agreement shall be executed prior to the issuance of a Final Housing Credit Allocation to an Applicant.

• Following execution, the Extended Use Agreement shall be recorded pursuant to Florida law as a restrictive covenant.

• The owner’s appraisal report must also include a narrative describing the methodology or manner in which the requirements contained in the Extended Use Agreement were considered by the owner’s appraiser in arriving at the owner’s appraised value of the underlying land, and, for comparison and evaluation purposes, the opinion of the owner’s appraiser as to what the fair market value of the underlying land would be if unencumbered by the requirements of the Extended Use Agreement.

• The qualified contract regulations provide that the fair market value of the non-low-income portion of the building includes the fair market value of the underlying land and that the valuation of the underlying land must take into account the existing and continuing requirements contained in the Extended Use Agreement.

• The owner’s appraiser must certify in the appraisal report that the valuation represents the fair market value of the underlying land taking into account the existing and continuing requirements contained in the Extended Use Agreement for the property.

More Definitions of Extended Use Agreement

Extended Use Agreement means a covenant that runs with the land on which the project is developed, restricting the use of land by the Owner and its successors to the terms and conditions of the project, as approved by ADOH.

Extended Use Agreement means the Regulatory and Restrictive Covenants for Land Use Agreement related to the Project entered into in accordance with Section 42(h)(6)(B) of the Code and dated on or about the date hereof, between the Issuer and the Borrower.

Extended Use Agreement means the Tax Credit documentation executed by and between the

Extended Use Agreement means the extended low income housing commitment for the Project between the Borrower and the California Tax Credit Allocation Committee, as described in Section 42(h)(6)(B) of the Code.

Extended Use Agreement means the agreement to be entered into between the limited partnership that undertakes the rental part of the Project and the Virginia Housing Development Authority as required pursuant to Section 42 of the Code.

Extended Use Agreement means the Declaration of Land Use Restrictive Covenants, which is intended to meet the definition of a "long term commitment to low-income housing" as required by Section 42(h)(b) of the Code and the requirements of the Authority's Tax Credit program.

Extended Use Agreement means the Extended Low-Income Housing Agreement between Florida Housing and the Borrower in which the Borrower agrees to maintain the Development for occupants who meet the income requirements under Code Section 42(g) and to maintain the Development as “rent-restricted” under Code Section 42(g) for a certain period of time set forth in the Extended Use Agreement, subject to certain exceptions set forth therein and as may be amended or supplemented from time to time. The Extended Use Agreement shall comply with the provisions of Section 42(h)(6) of the Code.