Eligible Basis has the meaning given to it in Section 42(d) of the Code.
Eligible Basis means the sum of the eligible cost elements that are subject to depreciation, such as expenditures for new construction, rehabilitation and building acquisition.
Examples of Eligible Basis in a sentence
The “Qualified Basis” is that portion of the Eligible Basis attributable to Low Income Units.
Federal funds that are forgivable will be deducted from Eligible Basis.
Project reserves of any kind in the development budget will not be included in MFA’s calculation of Eligible Basis for tax credit purposes.
The amount of Tax Credits awarded to any one (1) Project must be the lesser of the Eligible Basis Analysis or the Gap Analysis.
In no case will a Project’s Eligible Basis attributable to the acquisition of an existing building be increased.
More Definitions of Eligible Basis
Eligible Basis means eligible basis as defined in Section 42(d) of the Code.
Eligible Basis means generally the depreciable basis in the property.
Eligible Basis means the depreciable basis of residential rental housing eligible for Tax Credits. “Eligible Basis Analysis” means the analysis described in Section 7.2A.
Eligible Basis means the eligible basis as defined in Section 42(d) of the Code.
Eligible Basis means the adjusted basis of the Apartment Development as determined by Section 42(d) of the Code.
Eligible Basis has the meaning set forth in Section 42(d) of the Code. "Entity" means any Person, general partnership, limited partnership, limited liability company, corporation, joint venture, trust, business trust, cooperative or association. "Estoppel Letter" means an estoppel letter in form and substance reasonably satisfactory to the Special Limited Partner delivered to the Partnership from each Lender which certifies as to each Mortgage Loan (i) that there is no default ongoing pursuant to the Mortgage Loan Documents, (ii) the amounts of interest and principal paid on such Mortgage Loan to date and (ii) the outstanding principal balance of such Mortgage Loan. "Event of Bankruptcy" means with respect to any Person, (i) the entry of a decree or order for relief by a court having jurisdiction in respect of such Person in an involuntary case under the federal bankruptcy laws, as now or hereafter constituted, or any other applicable federal or state bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of such Person or for any substantial part of his property, or ordering the winding-up or liquidation of his affairs and the continuance of any such decree or order unstayed and in effect for a period of sixty (60) consecutive days; (ii) the commencement by such Person of a voluntary case under the federal bankruptcy laws, as now constituted or hereafter amended, or any other applicable federal or state bankruptcy, insolvency or other similar law, or the consent by him to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or similar official) of such Person or for any substantial part of his property, or the making by him of any assignment for the benefit of creditors, or the taking of corporate action by the Person in furtherance of any of the foregoing; or (iii) the commencement against such Person of an involuntary case under the federal bankruptcy laws, as now constituted or hereafter amended, which has not been vacated, discharged or bonded within sixty (60) consecutive days. "Event of Default" shall have the meaning set forth in Section 5.1(h). "Extended Use Agreement" means the extended use housing commitment to be executed by the Partnership in accordance with the requirements of the Credit Agency and the provisions of Section 42(h)(6)(A) of the Code. "Filing Office" means the Department of Commerce - Corporatio...
Eligible Basis has the meaning given to it in Section 42(d) of the Code. Entity means any general partnership, limited partnership, limited liability company, corporation, joint venture, trust, business trust, cooperative or association.