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940 S. MINNIE, LP - 2014
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940 S. MINNIE, LP - 2014
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Last modified
7/7/2014 3:04:49 PM
Creation date
7/7/2014 3:02:07 PM
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Contracts
Company Name
940 S. MINNIE, LP
Contract #
A-2014-077
Agency
COMMUNITY DEVELOPMENT
Council Approval Date
3/18/2014
Insurance Exp Date
9/1/2014
Destruction Year
0
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the following records and reports in compliance with 24 CFR 92.504 (c) (12): <br />a. Annual Reports. Developer shall file with the City an Annual Report <br />(herein referred to as the "Annual Report") within ninety (90) days following the end of <br />each calendar year, commencing with the end of the calendar year (or portion thereof) in <br />which the Real Estate Closing occurs. The Annual Report shall contain a certification by <br />Developer as to such information as the City Executive Director may then require, <br />including, but not limited to, the following: <br />(1) The fiscal condition of the Project, including the Annual Budget and <br />Project Cash Flow report required by Section 10 (c) of the Affordable Housing <br />Restrictions which shall include a financial statement for the previous calendar year that <br />includes a balance sheet and a profit and loss statement indicating any surplus or deficit in <br />operating accounts; a detailed itemized listing of income and expenses; and the amounts of <br />any fiscal reserves. Such Annual Budget and financial statement shall be prepared in <br />accordance with generally accepted accounting practices. The City Executive Director <br />may require that the financial statement be audited at Developer's expense by an <br />independent certified public accountant acceptable to the Executive Director. <br />(2) 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 />(3) 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 />(4) General management performance, including tenant relations and <br />other relevant information. <br />(5) Records that demonstrate that the units meet the affordability <br />requirements of 24 CFR 92.252, 50052.5 and 50053(b)(1) of the California Health and <br />Safety Code, for the required period of affordability according to section 33334.3 of the <br />California Health and Safety Code. <br />(6) Evidence of a currently paid hazard insurance policy in accordance <br />with the requirements of Section 6 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 />(7) Evidence of a currently paid liability insurance policy, naming the <br />7of12 <br />
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