Page:United States Statutes at Large Volume 103 Part 3.djvu/241

 PUBLIC LAW 101-239—DEC. 19, 1989 103 STAT. 2309 than the applicable fraction specified in such agree- ment, "(ii) which allows individuals who meet the income limitation applicable to the building under subsection (g) (whether prospective, present, or former occupants of the building) the right to enforce in any State court the requirement of clause (i), "(iii) which is binding on all successors of the tax- paver, and '(iv) which, with respect to the property, is recorded pursuant to State law as a restrictive covenant. "(C) ALLOCATION OF CREDIT BIAY NOT EXCEED AMOUNT NECESSARY TO SUPPORT COMMITMENT. — "(i) IN GENERAL. — The housing credit dollar amount allocated to any building may not exceed the amount necessary to support the applicable fraction specified in the extended low-income housing commitment for such building, including any increase in such fraction pursu- ant to the application of subsection (f)(3) if such in- crease is reflected in an amended low-income housing commitment. "(ii) BUILDINGS FINANCED BY TAX-EXEMPT BONDS. — - If paragraph (4) applies to any building the amount of credit allowed in any taxable year may not exceed the amount necessary to support the applicable fraction specified in the extended low-income housing commit- ment for such building. Such commitment may be amendedtoincrease such fraction. "(D) EXTENDED USE PERIOD. — For purposes of this para- graph, the term 'extended use period' means the period— "(i) beginning on the 1st day in the compliance period on which such building is part of a qualified low-income housing project, and "(ii) ending on the later of— "(1) the date specified by such agency in such agreement, or "(II) the date which is 15 years after the close of the compliance period. "(E) EXCEPTIONS IF FORECLOSURE OR IF NO BUYER WILLING TO MAINTAIN LOW-INCOME STATUS.— "(i) IN GENERAL. —The extended use period for any building shall terminate— ([) on the date the building is acquired by fore- closure (or instrument in lieu of foreclosure), or "(n) on the last day of the period specified in subparagraph (I) if the housing credit agencpr is unable to present during such period a qualuied contract for the acquisition of the low-income por- tion of the building by any person who will con- tinue to operate such portion as a qualified low- income building. Subclause (II) shall not apply to the extent more strin- gent requirements are provided in the agreement or in Statelaw. "(ii) EVICTION, ETC. OF EXISTING LOW-INCOME TENANTS NOT PERMITTED.—The termination of an extended use period under clause (i) shall not be construed to permit

�