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There are also instances where the Program will require an Interim Covenant in exchange for <br />funding or to meet a regulatory requirement. Interim covenants ensure affordability through a <br />project design and development phase when the exact details of the project are unknown. Once a <br />certificate of occupancy is issued for an affordable rental property by a local jurisdiction, the <br />interim covenant is replaced with a permanent covenant specific to that affordable property. <br />17 <br />