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what needs fine - tuning directly from site operations. ACOF has maintained this successful approach to development, property management, and asset management in all of its existing properties; thus enabling fulfillment of ACOF objectives: ➢ To assist tenants in maintaining housing; ➢ To assist tenants in improving skills and income; ➢ To encourage tenant self - sufficiency; ➢ To ensure that our properties meet or exceed development pro -forma expectations; ➢ To ensure that all properties are managed in such a way that they meet all reporting and regulatory requirements; ➢ To ensure the preservation of ACOF's affordable housing stock; ➢ To ensure that each property maintains physical and fiscal integrity; ➢ To ensure that ACOF buildings and tenants are an asset to the neighborhood and community; Routine Property Management Services: The management company (JSCO) is responsible for preparing monthly reports, administrating rent collection, coordinating lease -up with ACOF, processing evictions, preparing annual income certifications and investor reports. A property management staff will work and live on -site. Some of his /her responsibilities will be: to collect rents, address all tenant complaints, take all requests for maintenance, handle emergency situations, qualify new applicants as well as other record keeping and reporting responsibilities. External Reporting & Property Management Oversight: ACOF is directly responsible for all external reporting which includes direct oversight of the physical building as well as financial audits. JSCo is responsible for the day -to -day property management responsibilities, submitting weekly, monthly, quarterly and annual management reports to ACOF. These reports serve as management and monitoring tools for ensuring fiscal, physical and tenant eligibility as well as compliance in accordance with the loan and regulatory compliance documents that govern the subject property, and provide ready data so that ACOF fulfill it external reporting responsibilities. ACOF has a hands -on approach to property management. Consequently property management is a shared responsibility between ACOF and the third party property management company. Thus, ACOF assures that the apartment community is being managed in manner that is consistent with ACOF's operating philosophy by instituting the following policies and procedures at all its sites: ■ Compliance Matrix: Based on loan and regulatory agreements, ACOF Asset Management Department develops a one -page compliance matrix that acts as a handy tool for JSCO to use to monitor compliance. ■ Site Specific Performance Standards: As part of the budgeting process, ACOF's Asset Management staff develops site - specific performance standards which are used to track actual vs. projected cash flow performance; compliance with loan documents and regulatory agreement; and progress with achieving corrective action. Exhibit H - 3 -