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writing based on the experience and qualifications of the Management <br />Agent. <br />(2) Management Agreement. Developer shall submit a copy of the <br />proposed management agreement specifying the amount of the management <br />fee, and the relationship and division of responsibilities between Developer <br />and Management Agent. <br />(3) Annual Budget and Projected Cash Flows. Prior to the issuance of a <br />certificate of occupancy for the Project, and annually thereafter not later <br />than one hundred fifty (150) days after the close of each Calendar Year <br />thereafter, Developer shall submit an updated operating budget and cash <br />flow to the City Project Manager. The budget and cash flow shall be in a <br />form that is reasonably acceptable to the City Project Manager. <br />(4) Tenant Selection Policies. Developer shall adopt and include as part of its <br />Management Plan, written tenant selection policies and criteria for the <br />Restricted Units that meet the following requirements: <br />(a) Are consistent with the purpose of providing housing for Extremely - <br />Low, Very -Low and Low Income households; <br />(b) Are reasonably related to program eligibility and the applicants' <br />ability to perform the obligations of the lease; <br />(c) Provide for: <br />(i) the selection of tenants from a written waiting list in the <br />chronological order of their application, insofar as is <br />practicable, but subject to screening requirements and <br />selection preferences as set forth in the approved tenant <br />selection plan; and, <br />(ii) the prompt written notification to any rejected applicant of <br />the grounds for any rejection; <br />(d) Carry out the Affirmative Marketing procedures of the City of Santa <br />Ana, which are designed to provide information and otherwise <br />attract eligible persons from all racial, ethnic and gender groups in <br />the housing market area to the Restricted Units. Developer shall <br />cooperate to effectuate this provision prior to the initial renting, or <br />upon occurrence of a vacancy, and the re -renting of any Restricted <br />Units; <br />(5) Local Preference. Local preference for Santa Ana residents and workers in <br />tenant selection shall be a requirement of the Project. Subject to the <br />55A-74 <br />