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99 �os �5� property owned by the Borrower and located on, or used in connection with, such buildings, structures and other improvements constituting the Project. "Project Site" means the parcel or parcels of real property described in Exhibit A, which is attached hereto and by this reference incorporated herein,and all rights and appurtenances thereunto appertaining. "Qualified LIHTC Tenants" means and includes individuals and families whose Adjusted Income is equal or less than the Applicable Income Percentage of Median Income for the County (including adjustments for family size) as elected and determined in accordance with the Code and Regulations. Tenant income is to be calculated in a manner consistent with the determination of annual income under Section 8 of the United States Housing Act of 1937, and not in accordance with the determination of gross income for federal income tax liability. The determination of whether an individual or family is a Qualified LIHTC Tenant shall be made by the Borrower upon initial occupancy of a Dwelling Unit in the Project by such Tenant and at least annually thereafter on the basis of the current income of such occupants. Any Dwelling Unit occupied by an individual or family who is a Qualified LIHTC Tenant at the commencement of occupancy shall continue to be treated as if occupied by a Qualified LIHTC Tenant,provided that, should such Qualified LIHTC Tenant's income subsequently exceed 140%of the applicable income limit, such tenant shall no longer be a Qualified LIHTC Tenant if, after such determination of income,but prior to the next determination,any residential Dwelling Unit of comparable or smaller size is rented to a tenant who is not a Qualified LIHTC Tenant. "Qualified LIHTC Unit" means a residential Dwelling Unit in the Project occupied, or occupied most recently,by Qualified LIHTC Tenants. A Dwelling Unit shall not fail to be treated as Qualified LIHTC Unit merely because it is occupied- (a) by an individual who is - (i) a student and receiving assistance under title IV of the Social Security Act, or (ii) enrolled in a job training program receiving assistance under the Job Training Partnership Act or under other similar Federal, State, or local laws, or (b) entirely by full-time students if such students are- (i) single parents and their children and such parents and children are not dependents(as defined in section 152)of another individual, or (ii) married and file a joint return. "Qualified Project Costs" means the Project Costs incurred not earlier than the date 60 days prior to the Inducement Date which constitute costs of a residential rental project within the meaning of Section 1.103-8 of the Regulations and which are chargeable to a capital account with 7