Extended Use Period definition

Extended Use Period means the period beginning on the 1st day in the compliance period on which such building is part of a qualified low-income housing project, and ending on the later of the date specified by such agency in such agreement, or the date which is 15 years after the close of the compliance period.

Extended Use Period means the term of the LURA and must be a minimum of fifteen years after the termination of the Compliance Period, which has a term of fifteen years.

Extended Use Period means the period commencing with the first day in the Compliance Period and ending on the date which is fifteen years after the close of the Compliance Period.

Examples of Extended Use Period in a sentence

• By agreeing to an Extended Use Period, the Project Owner and its successors and assigns agree to maintain the Project as a qualified low income housing project (as defined in Section 42(g) of the Code) through the expiration of the Extended Use Period.

• In addition, the Internal Revenue Code requires the project owner to enter into an Extended Low-Income Housing Covenant (LIHTC Covenant) under which the low-income housing set-aside (meaning the actual number of units that generate LIHTC and are set aside for low-income tenants), the rent restrictions, and other requirements must continue for an additional period of at least fifteen (15) years beyond the Initial Compliance Period (together, the Extended Use Period).

• The amount of the compliance monitoring fee for the remainder of the contractual Extended Use Period will be determined in year 15.

• The Managing Member or General Partner of the ownership entity that will be receiving the credits and operating the development through the Compliance Period and Extended Use Period must be the Developer or its sole purpose Affiliate.

• To ensure that the proposed rehabilitation of the project is adequate and that the property will have a useful life that exceeds the compliance and additional use period (collectively the Extended Use Period).

More Definitions of Extended Use Period

Extended Use Period means the period beginning with the first day of the Compliance Period and ending on the date which is 15 years after the end of the Compliance Period unless otherwise indicated in the Extended Use Agreement or unless terminated in accordance with the Extended Use Agreement.

Extended Use Period means, with respect to any building that is included in a Tax Credit Project, the period that begins on the first day of the Compliance Period and ends on the later of

Extended Use Period means the period of time specified by MaineHousing in the Extended Use Agreement executed in connection with a Project pursuant to Section 42(h)(6)(D) of the Code, which is the period set forth in Section 5.A. for Projects allocated Credit under the State Ceiling.

Extended Use Period means the Compliance Period plus an additional period of at least 15 years, or a longer period, as specified in the Application and the Restrictive Covenants.

Extended Use Period means the continuous period, a minimum of fifteen (15) years, following the close of the Compliance Period during which a Qualifying Building must satisfy all requirements of the Code and the Credit Program. The Extended Use Period for the Development is set forth on Exhibit "A" to the Regulatory Agreement and may not be revoked or terminated prior to said date except as provided in the Code, these Chapter 36 Rules or in the Regulatory Agreement.

Extended Use Period means the period described in Section 42(h)(6)(D) of the Code.

Extended Use Period means, with respect to any building that is part of the Project, the period beginning on the first day in the Compliance Period on which such building is part of a qualified low-income housing project and ending on the date that is 15 years (or, if applicable, the number of years that is set forth in Exhibit C attached hereto) after the close of the Compliance Period.