Low Income Housing Tax Credits. Borrower shall perform all actions and shall meet all requirements necessary or desirable to maintain the allocation of LIHTCs to it.
Low Income Housing Tax Credits. The City agrees to use its diligent, reasonable and good faith efforts to support Owner’s efforts to apply for and obtain finance subsidies and Low Income Housing Tax Credits that are normally available from either the State of Vermont or the U.S. government to qualified Vermont development projects that include Affordable Housing and/or Work Force Housing, such as that which this Project intends to offer.
Low Income Housing Tax Credits. The Borrower promises to keep each of the following covenants relating to the Low Income Housing Tax Credit:
(a) To observe and perform all obligations imposed on the Borrower in connection with the Low Income Housing Tax Credit, including the “placed in service” requirements under Section 42 of the Code, as applicable, and otherwise under the Operating Agreement in a timely manner to ensure the availability of each such Low Income Housing Tax Credit; and to operate the residential units of the Project or to use the Borrower’s best efforts to ensure the appropriate parties operate the same in accordance with all applicable statutes and regulations governing the Low Income Housing Tax Credit;
(b) To preserve at all times the availability to the Project of the Low Income Housing Tax Credit;
(c) Following the Bond Closing, not to release, forego, alter, amend, or modify its rights to the Low Income Housing Tax Credit, without the Bondholder Representative’s prior written consent, which the Bondholder Representative may give or withhold in the Bondholder Representative’s reasonable discretion;
(d) Not to execute any Lease of all or any portion of the Project not complying fully with all requirements and regulations governing the Low Income Housing Tax Credit, except with the Bondholder Representative’s prior written consent, which the Bondholder Representative .may, give or withhold in the Bondholder Representative’s sole and reasonable discretion; excluding, however, any lease applying to the management unit or the police unit;
(e) To cause to be kept all records, and cause to be made all elections and certifications, pertaining to the number and size of apartment units, occupancy thereof by tenants, income levels of tenants, set asides for low income tenants, and any other matters now or hereafter required to qualify for and maintain the availability of Low Income Housing Tax Credit applicable to the Project;
(f) To comply with the appropriate minimum low income set aside requirements under the Code or applicable federal regulations (“Federal Laws”), and all laws and regulations of the State (“State Laws”), if any, applicable to the creation, maintenance and continued availability of the Low Income Housing Tax Credit;
(g) To certify compliance with the set aside requirement and report the dollar amount of qualified basis and maximum applicable percentage, date of “placed in service” under Section 42 of the Code, as applicable, and any other information req...
Low Income Housing Tax Credits. Funding Lender acknowledges that Tax Credits have been allocated with respect to the Mortgaged Property and that the Mortgaged Property is, or will be, subject to a Tax Credit Regulatory Agreement executed, or to be executed, in connection with the allocation of the Tax Credits.
Low Income Housing Tax Credits. To the Knowledge of Juniata, each syndication of property in which Juniata or JVB has invested for the purpose of allowing Juniata or JVB to claim a low income housing tax credit or similar tax credit is eligible and qualifies for the relevant tax credit in an amount no less than the amount that it was intended to produce. For avoidance of doubt, to the Knowledge of Juniata, the Mxxx Edge Terrace Low Income Housing Syndication, in which Juniata has invested, is eligible and qualifies for the relevant tax credit relating thereto in an amount no less than $905,000 per year through the year 2022.
Low Income Housing Tax Credits. Based upon the representations of the Borrower, the Issuer determines and finds that the amount of low-income housing tax credits projected to be allocated to the Project pursuant to Section 42 of the Code does not exceed the amount necessary for the financial feasibility of the Project and its viability as a qualified housing project throughout the credit period for the Project and that the Project satisfies the requirements for the allocation of a housing credit dollar amount under the qualified allocation plan applicable to the area in which the Project is located.
Low Income Housing Tax Credits. The Project is, or will be, subjected to and benefited by the terms and conditions of the low-income housing tax credit requirements as set forth in the Code, and as required by Florida Housing Finance Corporation during the appropriate extended use period.
Low Income Housing Tax Credits. The Project will be operated at all times in a manner which satisfies all requirements and restrictions, including tenant income and rent restrictions, applicable to projects which qualify for low-income housing Tax Credits under Section 42 of the Code, including without limitation, the following:
(i) Forty per cent (40%) of the units in the Project must be occupied by households with income at or below sixty per cent (60%) of the area median gross income as required by Section 42(g)(1) of the Code, or held vacant and available for occupancy by such tenants;
(ii) The gross rents paid by tenants of low-income units in the Project shall not exceed thirty per cent (30%) of the qualifying income standard applicable to the project (i.e., 60% of the imputed median gross income) as required by Code Section 42(g)(2)(A), as adjusted by the applicable utility allowances;
(iii) The low-income units in the Project will be suitable for occupancy; and
(iv) The low-income units in the Project will not be used on a transient basis.
