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WASHINGTON SANTA ANA HOUSING PARTNERS, L (5).P
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WASHINGTON SANTA ANA HOUSING PARTNERS, L (5).P
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Last modified
8/10/2022 11:57:32 AM
Creation date
8/10/2022 11:56:53 AM
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Contracts
Company Name
WASHINGTON SANTA ANA HOUSING PARTNERS, L.P
Contract #
A-2022-132-02
Agency
Community Development
Council Approval Date
6/21/2022
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the following: <br />(a) The fiscal condition of the Project, including the Annual Budget and <br />Project Cash Flow report required by Section 11.3 which shall include a financial statement <br />for the previous calendar year that includes a balance sheet and a profit and loss statement <br />indicating any surplus or deficit in operating accounts; a detailed itemized listing of income <br />and expenses; and the amounts of any fiscal reserves. Such Annual Budget and financial <br />statement shall be prepared in accordance with generally accepted accounting practices. <br />The City Executive Director may require that the financial statement be audited at <br />Developer's expense by an independent certified public accountant acceptable to the <br />Executive Director. <br />(b) Any substantial physical defects in the Project, including a <br />description of any major repair or maintenance work undertaken or needed in the previous <br />and current years. Such statement shall describe what steps Developer has taken in order <br />to maintain the Project in a safe and sanitary condition in accordance with applicable <br />housing and building codes and the property standards set forth in 24 CFR 92.251. <br />(c) The occupancy of the units indicating the income of each current <br />resident and the current rents charged each resident and whether those rents include <br />utilities, including records that demonstrate that the Project meets the requirements of 24 <br />CFR 92.253 for tenant and participant protection under the HOME Program. <br />(d) General management performance, including tenant relations and <br />other relevant information. <br />(e) Records that demonstrate that the units meet the affordability <br />requirements of 24 CFR 92.252, for the required period of affordability. <br />(1) Evidence of a currently paid hazard insurance policy in accordance <br />with the requirements of Section 3 of the City/HOME Deed of Trust, with a loss payable <br />endorsement naming the City as a loss payee(s) together with other approved lenders (as <br />their interests may appear), with a "Replacement Cost Endorsement" in amount sufficient <br />to prevent Developer or City from becoming a co-insurer under the terms of the policy, but <br />in any event in an amount not less than 100% of the then full replacement cost, to be <br />determined at least once annually and subject to reasonable approval by the Executive <br />Director. <br />(g) Evidence of a currently paid liability insurance policy, naming the <br />City as additional insured and in a form approved by the City Attorney with coverage as <br />described in the Loan Agreement. <br />(h) Termite reports pertaining to the Property every fifth (5f11) year. <br />(i) Such other information as may be reasonably required by the <br />Executive Director or his/her designee. <br />16.2. Records and Audits. During the HOME Compliance Period, Developer <br />1.2 <br />The Crossroads at Washington <br />City HOME Affordability Restrictions on. Tiansrer or Property <br />
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