80A - JOINT - LOAN AGMT AMCAL - Laserfiche WebLink

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11. 12 [RESERVED] 11.13 [RESERVED] 11.14 Request for Disbursements of Funds. Notwithstanding anything contained in this Agreement to the contrary, Developer may not request disbursements of funds under this Agreement until the funds are needed for payment of eligible costs (such funds shall be used solely towards the rehabilitation and soft costs of the Project). The amount of each request shall be limited to the amount needed. 11.15 Eligible Costs. Developer shall use Agency Low and Moderate Income Housing Asset Fund Funds to pay costs within the Project Budget attached herewith as Exhibit E. 11.16 Records and Reuorts. Developer shall maintain and from time to time submit to Agency such records, reports and information as the City Project Manager may reasonably require in order to meet Agency record keeping and reporting requirements. 11.17 [RESERVED] 11.18 Conflict of Interest. Developer shall comply with and be bound by the conflict of interest provisions set forth in all applicable state regulations pertaining to conflict of interest. 11.19 Monitoring. Developer shall allow the Agency to conduct periodic inspections of each of the assisted units on the Property as required by the Housing Opportunity Ordinance after the date of construction completion, with reasonable notice. Developer shall cure any defects or deficiencies found by the Agency while conducting such inspections within two weeks of written notice thereof, or such longer period as is reasonable within the sole discretion of the Agency. 11.20 Recertification of Tenant Income. (a) Developer shall take all necessary steps to review the income of all tenants prior to renting to them, as well as reviewing current tenants on an annual basis. At a minimum, every fifth (5th) year, Developer shall require new original income documents to be submitted by tenants. (b) Developer shall allow the Agency to conduct periodic reviews of tenant files and files relating to affirmative marketing and outreach to insure the Project's compliance with applicable regulations and guidelines. (c) Agency assisted units continue to qualify as affordable housing despite a temporary non - compliance caused by increases in the incomes of existing tenants if actions satisfactory to HUD are being taken to ensure that all vacancies are filled in accordance with this section until the non - compliance is corrected. 80A -149