TCAP Restrictions Clause Samples

TCAP Restrictions. The Mortgagor agrees to maintain the Development as qualified affordable housing under the TCAP Program, by restricting occupancy at the Development as described in Section 2.d. above. The term of the TCAP Restrictions however, may not be concurrent with the term of the Program Restrictions and the termination of the Program Restrictions may not affect the applicability of the TCAP Restrictions. These restrictions shall remain in effect for the longest of the period the Mortgage Loan is outstanding, the time required under the Low Income Housing Tax Credit (“LIHTC”) Program Regulatory Agreement or fifty (50) years after closing of the Mortgage Loan.