Common use of Election of Applicable Income Limit Clause in Contracts

Election of Applicable Income Limit. The Governmental Lender hereby elects to have the Project meet the requirements of Section 142(d)(1)(B) of the Code in that forty percent (40%) or more of the residential units in the Project shall be occupied by persons or families whose Gross Income is sixty percent (60%) or less of median income for the Area, adjusted for household size.

Election of Applicable Income Limit. The Governmental Lender Issuer hereby elects to have the Project meet the requirements of Section section 142(d)(1)(B) of the Code in that forty twenty percent (40%) or more of the residential units in the Project shall be occupied by persons or families whose Gross Adjusted Income is sixty percent (60%) or less of median income Median Income for the Area, adjusted for household size.

Election of Applicable Income Limit. The Governmental Lender hereby elects to have the Project meet the requirements of Section section 142(d)(1)(B) of the Code in that forty percent (40%) or more of the residential units in the Project shall be occupied by persons or families whose Gross Low Income is sixty percent (60%) or less of median income for the Area, adjusted for household sizeUnits.

Election of Applicable Income Limit. The Governmental Lender hereby elects to have the Project meet the requirements of Section 142(d)(1)(B) of the Code in that forty percent (40%) or more of the residential units in the Project shall be occupied by persons or families whose Gross Low Income is sixty percent (60%) or less of median income for the Area, adjusted for household sizeUnits.