under subsection (c)(2)(B) were substantially incorrect. (3) Renting to noneligible tenants If, after the application of paragraphs (1)(C) (or any similar reallocation under paragraph (1)(F)) and (2), a rental reduction credit agency of a State determines that, because of the incorrect estimates under subsection (c)(2)(B), the aggregate qualified rental reduction amounts for all eligible units within a qualified building will (on an ongoing basis) exceed the rental reduction credit amount allocated to such building, a taxpayer may elect, subject to subsection (g)(2) and only to the extent necessary to eliminate such excess, rent vacant eligible units without regard to the requirements that such units be rented only to eligible tenants and at the rental rate determined under subsection (b)(3). (e) Terms relating to rental reduction credit and requirements For purposes of this section— (1) Applicable percentage (A) In general The term applicable percentage means, with respect to any qualified building, the percentage (not greater than 110 percent) set by the rental reduction credit agency at the time it allocates the rental reduction dollar amount to such building. (B) Higher percentage for high-opportunity areas The rental reduction credit agency may set a percentage under subparagraph (A) up to 120 percent for any qualified building which— (i) targets its eligible units for rental to families with children, and (ii) is located in a neighborhood which has a poverty rate of no more than 10 percent. (2) Credit period (A) In general The term credit period means, with respect to any qualified building, the 15-year period beginning with the first month for which the qualified rental reduction agreement is in effect with respect to such building. (B) State option to reduce period A rental reduction credit agency may provide a credit period for any qualified building which is less than 15 years. (3) Eligible unit (A) In general The term eligible unit means, with respect to any qualified building, a unit— (i) which is