This division shall remain in effect so long as the longer of (a) the project mortgage
loan remains outstanding and unpaid, (b) the housing development remains subject to
income and rent restrictions pursuant to section 42 of the Internal Revenue Code of 1986, as amended, (c) the authority has any interest
in the project (including without limitation regulatory agreement restrictions), provided
that rehabilitation of the housing development occurs within 36 months from the effective
date of this division; provided, however, that in no event shall this division remain
in effect for longer than 16 years after completion of rehabilitation. Notwithstanding
the above, the exemption shall cease for that portion of the project which is not
operated consistent with section 12-79 above.
