Laserfiche WebLink
EXHIBIT 1 <br />VI. PROJECT MONITORING AND REPORTING <br />The Housing Division shall monitor the project during rehabilitation or construction as needed <br />for compliance with any loan documents and applicable City, State and/or Federal regulations. <br />The Housing Division shall request notification of the final inspection and final construction <br />release from the primary lender, and shall review management practices and reporting <br />procedures with the borrower and project management agent at that time for full compliance with <br />Program requirements. A copy of the Notice of Completion for the project shall be submitted to <br />the Housing Division at the time the Notice is recorded. <br />Borrowers shall be required to certify annually that they have complied with affirmative <br />marketing and tenant selection procedures, and shall submit an annual report to the Housing <br />Division in the form specified by the Division. The Housing Division shall monitor compliance <br />with any Regulatory Agreement or recorded Affordability Covenants, the loan documents, and <br />applicable City, State and/or Federal regulations on an annual basis. Additional details regarding <br />the monitoring process will be included as part of the final Loan Documents. <br />Fair Housing and Equal Opportunity <br />Borrower shall post notices stating that a housing project is subject to Fair Housing and Equal <br />Employment Opportunity requirements of 24 CFR 92.350 and 351 at each project site. <br />Establishment and Use of Reserve Funds <br />Upon completion of project construction, the borrower will be required to capitalize a reserve <br />fund in an amount determined by the City and make annual contributions to the fund. The <br />reserve fund can be used for expenditures related to necessary structural and equipment <br />replacements and improvements of a capital nature, and is not intended to be used for ordinary <br />maintenance items. <br />Annual Reporting by the Housing Division <br />On a quarterly basis, the Housing Division shall prepare a report to the CRHC for its review and <br />recommendation for City Council approval. The quarterly report shall include details on at least <br />the following items: <br />(1) Loan Activity; <br />(2) Loan Portfolio Management and Monitoring; <br />(3) Proposals that were submitted during the previous quarter under the RFP Process but <br />were not recommended for approval by a Review Panel; <br />(4) Affordable Housing Projects under Development; and <br />(5) Available Funds for Affordable Housing Development Projects. <br />Affordable Housing Funds Policies and Procedures Page 22 <br />