Page:United States Statutes at Large Volume 100 Part 3.djvu/799

 PUBLIC LAW 99-514—OCT. 22, 1986

100 STAT. 2607

ing subparagraphs and is to be used for any private business use (as defined in section 141(b)(6)). "(A) Any lodging facility. ^ "(B) Any retail facility (including food and beverage facilities) in excess of a size necessary to serve passengers and employees at the exempt facility. "(C) Any retail facility (other than parking) for passengers or the general public located outside the exempt facility terminal. "(D) Any office building for individuals who are not employees of a governmental unit or of the operating authority for the exempt facility. "(E) Any industrial park or manufacturing facility. "(d) QUALIFIED RESIDENTIAL RENTAL PROJECT.—For purposes of this section— "(1) IN GENERAL.—The term 'qualified residential rental project' means any project for residential rental property if, at all times during the qualified project period, such project meets the requirements of subparagraph (A) or (B), whichever is elected by the issuer at the time of the issuance of the issue with respect to such project: "(A) 20-50 TEST.—The project meets the requirements of ' ' * this subparagraph if 20 percent or more of the residential units in such project are occupied by individuals whose income is 50 percent or less of area median gross income. "(B) 40-60 TEST.—The project meets the requirements of this subparagraph if 40 percent or more of the residential units in such project are occupied by individuals whose income is 60 percent or less of area median gross income. For purposes of this paragraph, any property shall not be treated as failing to be residential rental property merely because part of the building in which such property is located is used for purposes other than residential rental purposes. "(2) DEFINITIONS AND SPECIAL RULES.—For purposes of this subsection— ,, "(A) QUALIFIED PROJECT PERIOD.—The term 'qualified project period' means the period beginning on the 1st day on which 10 percent of the residential units in the project are occupied and ending on the latest of— "(i) the date which is 15 years after the date on which 50 percent of the residential units in the project are occupied, .• "(ii) the 1st day on which no tax-exempt private activity bond issued with respect to the project is 'y],i't outstanding, or "(iii) the date on which any assistance provided with respect to the project under section 8 of the United States Housing Act of 1937 terminates. "(B)

t i5 ji;i f. "Si

INCOME

OF

INDIVIDUALS;

AREA

MEDIAN

GROSS

INCOME.—The income of individuals and area median gross income shall be determined by the Secretary in a manner consistent with determinations of lower income families and area median gross income under section 8 of the United States Housing Act of 1937 (or, if such program is terminated, under such program as in effect immediately before such termination). Determinations under the preceding sentence shall include adjustments for family size.

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