This page uses extracted PDF text. Text can misread numbers, dates or table columns. Check the PDF before quoting or interpreting it. Redacted areas remain redacted.
(e) that during the Qualified Project Period no part of the Project will at any time
be owned or used by a cooperative housing corporation;
(f) that the Project will consist of one or more discrete edifices or other man-made
construction, each consisting of an independent foundation, outer walls and roof, all of which
will be (i) owned by the same person for federal tax purposes, (ii) located on a common tract
of land or two or more tracts of land which are contiguous except for being separated only
by a road, street, stream or similar property (tracts are contiguous if their boundaries meet at
one or more points), and (iii) financed by the Loan of the Issuer or otherwise pursuant to a
common plan of financing, and which will consist entirely of:
(i) units which are similarly constructed; and
(ii) facilities functionally related and subordinate in purpose and size to
property described in (i) above, e.g., parking areas, laundries, swimming pools, tennis
courts and other recreational facilities (none of which may be unavailable to any person
because such person is a Low Income Tenant) and other facilities which are reasonably
required for the Project, e.g., heating and cooling equipment, trash disposal equipment
or units for residential managers or maintenance personnel;
(g) that during the Qualified Project Period the Project will not include a unit in a
building where all units in such building are not also included in the Project;
(h) that during the Qualified Project Period the Borrower will not convert the
Project from residential rental property to condominium ownership or other use;
(i) that during the Qualified Project Period no dwelling unit in the Project shall
be occupied by the Borrower at any time unless the Borrower resides in a dwelling unit in a
building or structure which contains at least five dwelling units and unless the resident of such
dwelling unit is a resident manager or other necessary employee (e.g., maintenance and security
personnel);
(j) that less than 25% of the proceeds of the Bonds will be used for the acquisition
of land or the buildings thereon;
(k) that during the Qualified Project Period, the Borrower will not discriminate on
the basis of age, race, creed, religion, color, sex, marital status, or national origin in the lease,
use or occupancy of the Project or in connection with the employment or application for
employment of persons for the operation and management of the Project; and
(l) that during the Qualified Project Period, the Borrower will require all tenants
moving into units with existing leases, which units have previously qualified as Low Income
Tenant units, to be put on the lease in addition to the current tenant on the lease and to require
recertification of said unit.
Unless the above provisions of this section are amended as permitted under the Regulatory
Agreement, the above provisions of this section shall remain in effect during the Qualified Project
Period; provided, however, the Borrower may be discharged from its obligations under the above
provisions of this section and the provisions described under the heading “Low Income Tenants” below
to the extent only that the same are assumed by any successor in interest to the Borrower pursuant to
the provisions described under the heading “Sale, Lease or Transfer of Project” below.
E-2Jump to an indexed page (744 of 744)