Page:United States Statutes at Large Volume 100 Part 3.djvu/398

 100 STAT. 2206

PUBLIC LAW 99-514—OCT. 22, 1986

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(D) PROJECT DESCRIBED.—A project is described in this subparagraph if— j^jg^^ (i) rents charged for units in such project are restricted by State regulations, (ii) the annual cash flow of such project is restricted by State law, (iii) the project is located on land owned by or ground leased from a public housing authority, (iv) construction of such project begins on or before ' " ' " December 31, 1986, and units within such project are , placed in service on or before June 1, 1990, and '" (v) for a 20-year period, 20 percent or more of the residential units in such project are occupied by l^.y^i '^ft individuals whose income is 50 percent or less of area median gross income. • J (E) MAXIMUM ADDITIONAL CREDIT.—The maximum annual ^' additional credit allowable under section 42 of such Code by reason of subparagraph (C) shall not exceed 25 percent of the eligible basis of the building. (2) ADDITIONAL ALLOCATION OF HOUSING CREDIT CEILING.—

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(A) IN GENERAL.—There is hereby allocated to each housing credit agency described in subparagraph (B) an additional housing credit dollar amount determined in accordance with the following table: ' .^«s.,

For calendar year: 1987 1988 1989

' The additional allocation is: $3,900,000 $7,600,000 $1,300,000.

(B) HOUSING CREDIT AGENCIES DESCRIBED.—The housing credit agencies described in this subparagraph are: ''^ * (i) A corporate governmental agency constituted as a public benefit corporation and established in 1971 iifc i hi under the provisions of Article XII of the Private Housing Finance Law of the State. (ii) A city department established on December 20, 1979, pursuant to chapter XVIII of a municipal code of such city for the purpose of supervising and coordinating the formation and execution of projects and programs affecting housing within such city. Mth m (iii) The State housing finance agency referred to in subparagraph (C), but only with respect to projects
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described in subparagraph (C). ..• (C) PROJECT DESCRIBED.—A project is described in this subparagraph if such project is a qualified low-income housry| f ing project which— (i) receives financing from a State housing finance 4>3 f id agency from the proceeds of bonds issued pursuant to chapter 708 of the Acts of 1966 of such State pursuant %.. n. to loan commitments from such agency made between May 8, 1984, and July 8, 1986, and (ii) is subject to subsidy commitments issued pursuant to a program established under chapter 574 of the Acts of 1983 of such State having award dates from such agency between May 31, 1984, and June 11, 1985. (D) SPECIAL RULES.—

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(i) Any building—

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