§ 46-184. Duration.

Latest version.

This division shall remain in effect and shall not terminate so long as the mortgage loan remains outstanding and unpaid; the authority has an interest in the property; or the housing development remains subject to income and rent restrictions pursuant to section 42 of the Internal Revenue Code of 1986, as amended, but the term of this division and the service charge in lieu of taxes granted hereunder shall not exceed 50 years. This division shall expire by its own terms if construction of the housing development does not commence within one year from April 4, 1994.

(Code 1970, § 11½-52)

                    
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