Common use of Placed into Service Clause in Contracts

Placed into Service. “Placed into Service” shall mean, in the case of the Development, Rehabilitation and/or Preservation of rental Affordable Housing, after Project Completion is achieved and the property is otherwise ready for occupancy as evidenced by a certificate of occupancy.

Placed into Service. “Placed into Service” shall mean, in the case of the Development, Rehabilitation and/or Preservation of rental Affordable Housing, after Project Completion is achieved and the property is otherwise ready for occupancy as evidenced by a certificate of occupancy. In the case of Affordable Housing Homeownership, it shall mean the satisfaction of Initial Occupancy standards as set forth in Sections 2.14(b) and (c) herein.