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p'age 2 TCAC # CA-2003-899 "Code" means those provisions of the Internal Revenue Code of 1986, as amended, and regulations promulgated pursuant thereto. "Compliance Period" means the period of 30 consecutive taxable years beginning with the first taxable year of the Credit Period, or such longer period as is prescribed at Appendix A. "Credit Period" means, with respect to the State Tax Credit, the period of four taxable years begilming with the taxable year the Project is placed in service or (at the election of the Owner) the succeeding taxable year, and with respect to the Federal Tax Credit, the period often taxable years beginning with the taxable year the Project is placcd in service or (at the election of the Owner) the succeeding taxable year, as further provided pursuant to Section 2b hereof. "Effective Date" means the date first set forth herein above. "Federal Tax Credit" means the low-income housing tax credit under Section 42 of the Code. "Floor Space Fraction" means the fraction, the numerator of which is the total floor space of the Low-Income Units in a building and the denominator of which is the total floor space ofthe Units in such building. "Gross Rent" means all amounts paid by a Tenant for rent, determined in a manner consistent with Section 42(g)(2) of the Code. If the Tenant pays utilities directly, Gross Rent shall include any utility allowance prescribed by the Secretary. "Income" means the income of a Tenant determined in a manner consistent with the requirements of Section l42(d)(2)(B) of the Code. "Low-Income" means, with respect to any Tenant, an income level not exceeding 50% or 60% of Area Median Gross Income, as provided in Section 4c hereof: or such alternative income level as may be set forth in Appendix A. "Low-Income Tenant" means a Tenant who, when the Tenant originally occupied the Unit, had an Income qualifYing as Low- Income. For so long as the Tenant occupies the particular Unit [or another unit in the same building], the Tenant will rcmain a Low-Income Tenant if the Tenant's Income, upon the most recent income certification, does not exceed 140% of Low- Income. "Low-Income Unit" means a Unit in the Project that is occupied by a Low-Income Tenant, is Rent-Restricted and meets the other requirements of Section 42 of the Code, in particular, Section 42(i)(3). "Minimum Amount" means the number of Units in the Project required to be Low-Income Units, which Minimum Amount for this Project is 20% or 40% of the Units, as provided in Section 4c hereof. Notwithstanding the Minimum Amount, the Applicable Fraction for this project shall be no less than that set forth at Section 4d hereof. "Owner" means Housing Alliance, L.P., a California Limited Partnership, or successors. Revised 03/23/05