Tax Credit Compliance Sample Clauses

Tax Credit Compliance. The provisions of this Agreement are intended to comply with Section 42 of the Internal Revenue Code, as well as the Exchange Program, as the same may be amended or interpreted from time to time by regulation or public pronouncement issued by the IRS. If any provision of this Agreement is inconsistent with any provisions of Code Section 42, the Exchange Program, or official IRS interpretations thereof, then such inconsistent provision(s) shall be construed and applied in a manner so as to comply with Code Section 42 and the Exchange Program.
Sample 1
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Tax Credit Compliance. The provisions of this Agreement are intended to comply with Section 42 of the Internal Revenue Code, as well as TCAP, as the same may be amended or interpreted from time to time by regulation or public pronouncement issued by the IRS. If any provision of this Agreement is inconsistent with any provisions of Code Section 42, TCAP, or official IRS interpretations thereof, then such inconsistent provision(s) shall be construed and applied in a manner so as to comply with Code Section 42 and TCAP.
Sample 1
Tax Credit Compliance. The provisions of this Agreement are intended to comply with Section 42 of the Code, as well as ARRA, as the same may be amended or interpreted from time to time by regulation or public pronouncement issued by the Internal Revenue Service or HUD. If any provision of this Agreement is inconsistent with any provisions of Section 42 of the Code, ARRA, or official HUD or IRS interpretations thereof, then such inconsistent provision(s) shall be construed and applied in a manner so as to comply with Section 42 and TCAP.
Sample 1
Tax Credit Compliance. Tenant understands and acknowledges that the leased premises, including the Apartment and the Building, are subject to the requirements and regulations of the Low Income Housing Tax Credit Program (LIHTC Program) and Tenant agrees to comply with the requirements thereof. Tenant understands that under the LIHTC Program occupancy at the Building is restricted to tenants who meet certain required income limit criteria and that Tenant shall be required to provide to Lessor, and certify as to the accuracy of information regarding Tenant’s income and assets at initial occupancy and from time to time, but no less than annually, thereafter. Tenant’s failure to provide said information or to allow Lessor to verify such information at any time requested by Lessor, or Tenant’s failure to sign any necessary verification or certification required under the LIHTC Program, shall be considered a material breach of the Lease and shall be grounds for termination of tenancy. In addition, as defined under the LIHTC Program requirements in Section 42 of the Internal Revenue Code, unless certain specific exceptions are met, Tenant's household cannot be comprised entirely of full time students (the "LIHTC Student Rule"). If, at any time during the term of the Lease, it is determined that the household does not meet the requirements of the LIHTC Student Rule, it shall be considered a material breach of the Lease and shall be grounds for termination of tenancy.
Sample 1

Related to Tax Credit Compliance

  • Permit Compliance Such Party fails to obtain and maintain in full force and effect any Permit (other than the Regulatory Approval) necessary for such Party to perform its obligations under this Agreement.

  • Export Compliance The Services, Content, other technology We make available, and derivatives thereof may be subject to export laws and regulations of the United States and other jurisdictions. Each party represents that it is not named on any U.S. government denied-party list. You shall not permit Users to access or use any Service or Content in a U.S.-embargoed country (currently Cuba, Iran, North Korea, Sudan or Syria) or in violation of any U.S. export law or regulation.

  • CEQA Compliance The District has complied with all assessment requirements imposed upon it by the California Environmental Quality Act (Public Resource Code Section 21000 et seq. (“CEQA”) in connection with the Project, and no further environmental review of the Project is necessary pursuant to CEQA before the construction of the Project may commence.

  • Single Audit Act Compliance If the Contractor is a subrecipient and expends $750,000 or more in federal awards from any and/or all sources in any fiscal year, the Contractor shall procure and pay for a single audit or a program-specific audit for that fiscal year. Upon completion of each audit, the Contractor shall:

  • FERPA Compliance In connection with all FERPA Records that Contractor may create, receive or maintain on behalf of University pursuant to the Underlying Agreement, Contractor is designated as a University Official with a legitimate educational interest in and with respect to such FERPA Records, only to the extent to which Contractor (a) is required to create, receive or maintain FERPA Records to carry out the Underlying Agreement, and (b) understands and agrees to all of the following terms and conditions without reservation:

  • GAAP Compliance Contractor maintains an adequate system of accounting and internal controls that meets Generally Accepted Accounting Principles.

  • OFAC Compliance (a) Tenant represents and warrants that (a) Tenant and each person or entity owning an interest in Tenant is (i) not currently identified on the Specially Designated Nationals and Blocked Persons List maintained by the Office of Foreign Assets Control, Department of the Treasury (“OFAC”) and/or on any other similar list maintained by OFAC pursuant to any authorizing statute, executive order or regulation (collectively, the “List”), and (ii) not a person or entity with whom a citizen of the United States is prohibited to engage in transactions by any trade embargo, economic sanction, or other prohibition of United States law, regulation, or Executive Order of the President of the United States, (b) none of the funds or other assets of Tenant constitute property of, or are beneficially owned, directly or indirectly, by any Embargoed Person (as hereinafter defined), (c) no Embargoed Person has any interest of any nature whatsoever in Tenant (whether directly or indirectly), (d) none of the funds of Tenant have been derived from any unlawful activity with the result that the investment in Tenant is prohibited by law or that the Lease is in violation of law, and (e) Tenant has implemented procedures, and will consistently apply those procedures, to ensure the foregoing representations and warranties remain true and correct at all times. The term “

  • Child Support Compliance Act If the Contract Amount is $100,000 or more, this section is applicable. Contractor recognizes the importance of child and family support obligations and fully complies with (and will continue to comply with during the Term) all applicable state and federal laws relating to child and family support enforcement, including disclosure of information and compliance with earnings assignment orders, as provided in Family Code section 5200 et seq. Contractor provides the names of all new employees to the New Hire Registry maintained by the California Employment Development Department.

  • Contract Compliance The participating state agency and/or political subdivision that utilize this State Term Schedule will be responsible for the administration of the Contract and will monitor the Contractor's performance and compliance with the terms, conditions and specifications of the Contract. If an agency observes any infraction(s), such shall be documented and conveyed to the Contractor for immediate correction. If the Contractor fails to rectify the infraction(s), the agency will notify the State through the Department of Administrative Services, Office of Procurement Services, by executing a Complaint to Vendor (CTV) to help resolve the infraction(s). The State will apply the terms and conditions of the Termination provision of this Contract to resolve the infractions(s).

  • Agreement Compliance No Further Claims 10.1

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