RES 84628 - Laserfiche WebLink

Lower-Income Tenants. The Owner will be required to represent, warrant and covenant as follows with respect to the Qualified Project Period: (a) At least twenty percent (20%) of the completed dwelling units in the Project, but in no event less than 32 of the dwelling units after comple~ion, shall be occupied, or available for occupancy by Lower-Income Tenants on a continuous basis. (b) During the Qualified Project Period, the Owner will rent or lease the Lower-Income Units to Lower-Income Tenants (as defined in the Regulatory Agreement) and, if at any time, the Owner is unable to rent or lease the Lower-Income Units to Lower-Income Tenants the Owner will hold the unrented Lower-Income Units vacant pending rental or lease to Lower-Income Tenants. (c) The Owner will obtain and maintain on file income certifications from each Lower-Income Tenant, dated immediately prior to the initial occupancy Of such Lower-Income Tenant in the Project, in the form set forth as an exhibit to the Regulatory Agreement. (d) The Owner will maintain complete and accurate records pertaining to the dwelling units leased or rented to Lower-Income Tenants, a~d will permit any duly authorized representative of the City, the Trustee, or the Lending Institution to inspect the books and records of the Owner pertaining to the incomes of Lower-Income Tenants residing in the Project and the rent levels for the lower-income units. (e) The Owner will prepare and submit to the City, the Trustee and the Lending Institution, within 30 days after each anniversary of the Completion Date, a.certificate executed by the Owner stating (i) the percentage of the dwelling units in the Project which were occupied by Lower-Income Tenants (or held vacant and available) during such period, (ii) and that no default has occurred under the Regulatory Agreement on the Owner's part. (f) The Owner shall accept as tenants on the same basis as all other prospective tenants, persons who are recipients of federal certificates for rent subsidies pursuant to the existing program under Section 8 of the United States Housing Act of 1937, or its successor. The Owner shall not apply selection criteria to Section 8 certificate holders that are more burdensome than criteria applied to all other prospective tenants.