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"Closing Date' means the date of the issuance and delivery of Bonds, being April _, <br /> 2020. <br /> "Code" shall mean the Internal Revenue Code of 1986, as amended, and any final, <br /> temporary or proposed regulations applicable thereto or promulgated thereunder. <br /> "Housing Act" means the United States Housing Act of 1937, as amended, codified as <br /> 42 U.S.C. 1437 et., al), as amended. <br /> "HUD" shall mean the United States Department of Housing and Urban Development. <br /> "Income Certification" means a Verification of Income in the form of Exhibit B and a <br /> Certificate of Continuing Program Compliance in the form attached as Exhibit C hereof or in <br /> such other form as may be provided by the Issuer to the Borrower. <br /> "Lower-Income Tenants" shall mean and include individuals or families with Adjusted <br /> Family Income that does not exceed sixty percent (60%) of Median Income, adjusted for family <br /> i <br /> size; provided that Adjusted Family Income shall be determined in a manner consistent with <br /> determinations of lower income families and area median gross income made under the Section 8 <br /> Program. <br /> "Median Income" shall mean the median gross income for the Area, as determined from <br /> time to time by HUD. For purposes of determining whether Adjusted Family Income qualifies a <br /> tenant for treatment as a Lower-Income Tenant, the Median Income shall be adjusted for family <br /> size. <br /> "Qualified Project Period" shall mean the period beginning on the first day on which at <br /> least ten percent(10%) of the residential units in the Project are first occupied, and ending on the <br /> latest of(i) the date which is fifteen (15) years after the date on which at least fifty percent(50%) <br /> of the residential units in the Project are first occupied; (ii) the first day on which no Bonds are <br /> Actually Outstanding; and (iii) the date on which any assistance provided with respect to the <br /> Project under the Section 8 Program terminates. <br /> "Related Person" shall mean a person whose relationship to such other person is such that <br /> (i) the relationship between such persons would result in a disallowance of losses under Sections <br /> 267 or 707(b) of the Code, or (ii) such persons are members of the same controlled group of <br /> corporations (as defined in Section 1563(a) of the Code, except that "more than 50 percent" shall <br /> be substituted for"at least 80 percent" each place it appears therein). <br /> "Section 8 Program" shall mean the program of assistance under Section 8 of the United <br /> States Housing Act of 1937, as amended, and the regulations promulgated thereunder. <br /> "Student" shall mean an individual who during each of five (5) calendar months during <br /> the calendar year in which occupancy of a residential unit begins is a full-time student at an <br /> educational organization that normally maintains a regular faculty and curriculum and normally <br /> has a regularly enrolled body of students in attendance or an individual pursuing a full-time <br /> course of institutional on-farm training under the supervision of an accredited agent of such an <br /> educational organization or of a state or political subdivision thereof. <br /> 3 <br />