Income Targeting. The 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 Borrower 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 Borrower 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
