1. (a) According to the Internal Revenue Code, residential units must be for use by the general public, and all of the units in a development must be used on a nontransient basis.
2. (b) For LIHTC units to be in compliance, a six-month minimum lease term is required at initial occupancy of such low-income units.
3. (c) A six-month lease addendum should be signed with in-place tenants who do not have six (6) months left on an existing lease when the building is placed in service.

4. (d) The only exceptions to this requirement would be for:

   1. (1) Single-room occupancy housing rented on a month-by-month (thirty-day lease) basis; or
   2. (2) Transitional housing for the homeless.

Codification Notes: "LIHTC" means low-income housing tax credit.