SECTION 3. DEFINITIONS

.01 Available units means residential units in a residential rental project that are actually occupied and residential units in the project that are unoccupied and have been leased at least once after becoming available for occupancy, provided that (a) in the case of an acquisition of an existing residential rental project, a residential unit that is unoccupied on the later of (i) the date the project is acquired or (ii) the issue date of the first bonds is not an available unit and does not become an available unit until it has been leased for the first time after such date, and (b) a residential unit that is not available for occupancy due to renovations is not an available unit and does not become an available unit until it has been

leased for the first time after the renovations are completed.

.02 First bonds means the first issue of bonds to which section 142(d) applies issued to finance the acquisition of an existing residential rental project.

.03 Low-income tenants means individuals occupying a residential unit whose income satisfies the applicable income limit under section 142(d)(1)(A) or (B) and, if applicable, section 142(d)(4)(B)(i).

.04 Set-aside requirements is defined in section 2.05 of this revenue procedure.