FULL AGENDA_2018-12-18 (2) - Laserfiche WebLink

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EXHIBIT 1 Copies of the most recent Income Computation and Certifications for Low Income Tenants commencing or continuing occupancy of a Low Income Unit shall be attached to the Certificate of Continuing Program Compliance to be filed with the Program Administrator within 20 days of each January 1 st during the Qualified Project Period. (c) Immediately prior to the first anniversary date of the occupancy of a Low Income Unit by one or more Low Income Tenants, or the first anniversary of the initial qualification of such tenants as Low Income Tenants, as applicable, and on each anniversary date thereafter, the Borrower shall recertify the income of the occupants of such Low Income Unit by obtaining a completed Income Computation and Certification based upon the current income of each occupant of the unit. In the event the recertification demonstrates that such household's income exceeds the income at which the occupants of such household would qualify as Low Income Tenants, such household will no longer qualify as a Low Income Tenant, and at such time the Borrower shall rent the next available unit of comparable size to the extent available to one or more Low Income Tenants. In no event shall the rent of any tenant who has ceased to be a Low Income Tenant be raised above Affordable Rent before such time as a new Low Income Tenant is qualified and commences occupancy of a unit in the Project at an Affordable Rent or a unit in the Project is held available for occupancy at an Affordable Rent. At such time as the Borrower has recertified the income of the Low Income Tenants to meet the 20% requirement of this paragraph, the Borrower shall no longer be obligated to comply with the Affordable Rent requirement as to such tenants who have ceased to qualify as Low Income Tenants based on such recertification. No tenant in the Project shall be denied continued occupancy in the Project because, after occupancy, such tenant's household income increases such that the income for such household will no longer qualify such household as Low Income Tenants except as may be required for the Project to continue to comply with applicable "tax credit" occupancy restrictions. An "available" unit is one that is unoccupied by a tenant. (d) Within 10 days of the last day of each calendar quarter during the term of this Regulatory Agreement, the Borrower shall advise the Issuer and the Program Administrator of the status of the occupancy of the Project by delivering to such parties, and, upon request, to the Lender, a Certificate of Continuing Program Compliance. (e) The Borrower will maintain complete and accurate records pertaining to the Low Income Units, and will permit any duly authorized representative of the Issuer, the Trustee, the Lender, the Department of the Treasury or the Internal Revenue Service to inspect the books and records of the Borrower pertaining to the Project, including those records pertaining to the occupancy of the Low Income Units. (f) The Borrower will prepare and submit to the Issuer and the Program Administrator, if any, and, upon request, to the Lender, within 30 days after each anniversary of the Completion Date, a Certificate of Continuing Program Compliance executed by the Borrower stating (i) the percentage of the dwelling units of the Project which were occupied or deemed occupied, pursuant to subsection (a) hereof, by Low Income Tenants during such period, and (ii) that either (A) no unremedied default has occurred under this Regulatory Agreement or (B) a default has occurred, in which event the certificate shall describe the nature of the default and set forth the measures being taken by the Borrower to remedy such default. The Borrower shall submit to the Secretary of the Treasury annually on the anniversary date of the start of the Qualified Project Period, or such 17 4-13