201007635 - Laserfiche WebLink

Browse

�� Ofl7�� the Project for occupants who meet the income requirements under Code Section 42(g) and to maintain the Project as "rent�restricted" under Code Section 42(g) for a certain period of tin�e set forth in the LURA, subject to certain exceptions set forth therein. "Minimurn Set-Aside Test" means the set-aside test described in Section 42(g)(1) of the Code selected by the �wner whereby at least 40% of the units in the Project rnust be nccupied by individuals with incomes less than or ec�ual to 6p% vf area madian incame, as adjusted far family size, determined in accordance with Section 42(g)(1) of the Code. "Mort a e Loan s" means the loans listed on Exhibit B . "Owner" means Ridgewood CROWN, LLC and its successors and assigns. "Person" tneans any individual ar Entity, and the heirs, executors, administrators, legal representatives, successors and assigns of such Person vvhere the context so admits; and, unless the cantext atherwise requires, the singular shall include the plural, and the masculine gender shall include the feminine and the neuter and vice versa. "Placed In-Service D�te" means the date by which at least one unit in each buildin� in the Project must be ready and available for occupancy in accordance with state and local laws, which date shall be March 31, 201 l. "Plans and Speci�cations" means the plans and specifications for the construction of the Project, includizag, without limitatipn, specifications for materials, and all amendments and rnodifications thereof, Pro�r�m, uq irements" means any and all requirements for receiving and maintaining a a Subaward of n 1602 Program Funds as set farth in Section 1602 af the Recovery Act, the Guidelines, and any other rules, regulatians, guidelines or noiices published by the IRS or Treasury fram time to time with respect to the Section 1602 Program that are applicable to the Project. "Pr_ pjeCt" means the 13 single family residential rental housing developrnent, including any related facilities and stxuctures ta be constructed an the Land, and all other real and persanal property that is used in connection with the developrn�nt and operation of the Land located in Grand Tsland, Nebraska. ",�AP" means the Authority's 2009 LIHTC Quali�ed Allacation Plan, including any amendments thereto. "Recaqture,Eyent" shall mean any event set forth in Section 6,1 of this Agreement. Reca tare Deed of Trust" means the deed o� trust granted by the Qwner ta the Authority to secure the obligatian of the Ownex to repay all nx a portion of the Subaward in accordance with the terrns of this Agreement. "Recave Act" means the Arnerican Recovery and Reinvestxnent Act of 2009. -5- 48A 1-2135-3478.2