WILLIAM DONALD SCHAEFER, Governor                   Ch. 389

(I)   [in] IN substantial part by families of
limited incomes; OR

(II)  IN THE EVENT SUCH A PROJECT IS FINANCED
WITH TAXABLE BONDS, IN WHOLE OR IN PART BY AT LEAST 20 PERCENT
SHALL BE FOR FAMILIES OF LIMITED INCOMES; and

(2) [shall] MAY provide such improvements as
streets, roads, sewer and water lines, and such other public or
private facilities intended for commercial, educational,
cultural, recreational, community or other civic purpose, as may
be needed to support such new or existing housing. However, if
such other public or private facilities are not needed to support
such new or existing housing, they may be included in a community
development project if they comprise less than a substantial part
of such community development project, unless it is determined by
the Secretary [of Economic and Community Development] that sound
community development is promoted by including a greater
proportion of public or private facilities.

(K) "ESSENTIAL BUSINESS" MEANS A BUSINESS OR INDUSTRY WHICH
WOULD CEASE TO OPERATE, OR FAIL TO LOCATE OR EXPAND ITS
OPERATIONS IN THE STATE, DUE IN PART TO A SHORTAGE OF AFFORDABLE
HOUSING AS DETERMINED BY THE SECRETARY.

(x) (w) "Public purpose project" means any undertaking or
project which is (1) eligible, in whole or in part, for federal
low-income housing credits or (2) located in a distressed area
OR (3) ESSENTIAL TO ATTRACTING A NEW EMPLOYER TO LOCATE IN THE
STATE, OR AN EXISTING EMPLOYER TO REMAIN IN THE STATE OR EXPAND
ITS EMPLOYMENT OF STATE RESIDENTS, including land, buildings,
and other improvements, real, mixed and personal properties, or
an interest therein, that is planned, acquired, owned, developed,
constructed, reconstructed, rehabilitated, repaired, renovated,
or improved with the financial assistance of the Administration
or the assistance of federal low-income housing credits as may be
authorized by the Code. While public purpose projects may
include improvements such as streets, roads, sewer and water
lines, and such other public or private facilities intended for
commercial, educational, cultural, recreational, community or
other civic purposes, public purpose projects shall provide in
substantial part for existing or new housing, unless it is
determined by the Secretary [of Economic and Community
Development] that sound community development is promoted by
including a greater proportion of public or private facilities.
The housing portion of a public purpose project shall be occupied
in whole or in part by families of limited incomes.

(CC) "TAXABLE BONDS" MEANS ANY BONDS, NOTES, OR OTHER
EVIDENCES OF INDEBTEDNESS ISSUED BY THE ADMINISTRATION, THE
INCOME FROM WHICH WILL BE INCLUDABLE IN THE HOLDER'S GROSS INCOME
UNDER THE CODE AS DETERMINED AT THE TIME OF ISSUE BY THE
ADMINISTRATION.

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