Income Targeting. The Governmental Lender hereby elects to have the Project meet the requirements of section 142(d)(1)(B) of the Code in that 40% or more of the residential units in the Project shall be occupied by persons or families whose Adjusted Income (as defined in the Regulatory Agreement) is 60% or less of Median Income for the Area (as defined in the Regulatory Agreement), adjusted for household size.
Appears in 2 contracts
Samples: Funding Loan Agreement, Funding Loan Agreement
Income Targeting. The Governmental Lender Borrower hereby elects to have the Project meet the requirements of section 142(d)(1)(B) of the Code in that 40% or more of the residential units in the Project shall be occupied by persons or families whose Adjusted Income (as defined in the Regulatory Agreement) is 60% or less of Median Income for the Area (as defined in the Regulatory Agreement), adjusted for household size.
Appears in 2 contracts
Income Targeting. The Governmental Lender hereby elects to have the Project meet the requirements of section Section 142(d)(1)(B) of the Code in that 40% or more of the residential units in the Project shall be occupied by persons or families whose Adjusted Income (as defined in the Regulatory Agreement) is 60% or less of Median Income for the Area (as defined in the Regulatory Agreement), adjusted for household size.
Appears in 1 contract
Samples: Funding Loan Agreement
