Examples of Development Areas in a sentence
During the credit underwriting process, an opinion letter must be submitted to the Corporation by a licensed attorney that the Development meets the definition of a “multiphase project” as defined in the Federal Register related to the Statutorily Mandated Designation of Difficult Development Areas and Qualified Census Tracks for the applicable year.
In this MTBA Program Description, only areas defined by HUD as Difficult Development Areas are eligible for the Basis Boost.
Once the Exploration Phase is completed, the Consortium Members may only keep as Contract Area the Development Areas.
Additional Eligible Basis (30% of the initial calculation) will be applied for Projects located in HUD-designated Difficult Development Areas (DDA) or Qualified Census Tracts (QCT).
The Eligible Basis used to calculate Tax Credits for Projects in Difficult Development Areas or Qualified Census Tracts may be increased by up to 30% at MFA’s discretion.