Common use of Occupancy Restrictions Clause in Contracts

Occupancy Restrictions. Project shall be operated in accordance with affordability requirements and occupancy restrictions set forth in Attachment II, Occupancy Restrictions and Project Unit Characteristics, which is incorporated and made part of this Agreement. i) Minimum Set‐aside Requirements. Consistent with Section 42(g)(1) of the Code, the Project shall meet the requirements of a “qualified low‐income housing project” in that, subject to the election of the Owner: (1) 20 percent or more of the residential units in such project are both rent‐restricted and occupied by individuals whose income is 50 percent or less of area median gross income; or (2) 40 percent or more of the residential units in such project are both rent‐restricted and occupied by individuals whose income is 60 percent or less of area median gross income.

Occupancy Restrictions. Project shall be operated in accordance with affordability requirements and occupancy restrictions set forth in Attachment II, Occupancy Restrictions and Project Unit Characteristics, which is incorporated and made part of this Agreement. i) Minimum Set‐aside Requirements. Consistent with Section 42(g)(1) of the Code, the Project shall meet the requirements of a “qualified low‐income housing project” in that, subject to the election of the OwnerOriginal Taxpayer: (1) 20 percent or more of the residential units in such project are both rent‐restricted and occupied by individuals whose income is 50 percent or less of area median gross income; or (2) 40 percent or more of the residential units in such project are both rent‐restricted and occupied by individuals whose income is 60 percent or less of area median gross income.