This subchapter shall remain in effect and shall not terminate so long as the Authority’s mortgage remains outstanding and unpaid or the Authority has any interest in the property, but not more than 45 years, or the housing development remains subject to income and rent restrictions pursuant to § 42 of the Internal Revenue Code of 1986 (26 U.S.C. § 42), as amended, provided that construction of the housing development commence within one year from the effective date of this subchapter.
(Ord. 144, passed 9-12-2006)