Annual Reserve Requirements. a. Commencing the first full month after the Placed in Service Date, Recipient shall annually deposit into an Operating Reserve Account an amount equal to 3% of gross rents per year. Such deposits shall be made monthly in amounts equal to one-twelfth the annual amount. Operating Reserve Account deposits may be reduced or suspended any month the balance of the Operating Reserve Account equals 50% of the annually budgeted gross rent.
Appears in 7 contracts
Samples: Housing Credit Regulatory Agreement, hcr.ny.gov, Housing Credit Regulatory Agreement
Annual Reserve Requirements. a. Commencing the first full month after the Placed in Service Datedate, Recipient shall annually deposit into an Operating Reserve Account an amount equal to 3% of gross rents per year. Such deposits shall be made monthly in amounts equal to one-twelfth the annual amount. Operating Reserve Account deposits may be reduced or suspended any month the balance of the Operating Reserve Account equals 50% of the annually budgeted gross rent.
Appears in 2 contracts
Samples: Commitment and Regulatory Agreement, Commitment and Regulatory Agreement
Annual Reserve Requirements. a. Commencing the first full month after the final project building Placed in Service Datedate, Recipient shall annually deposit into an Operating Reserve Account an amount equal to 3% of gross rents per year. Such deposits shall be made monthly in amounts equal to one-twelfth the annual amount. Operating Reserve Account deposits may be reduced or suspended any month the balance of the Operating Reserve Account equals 50% of the annually budgeted gross rent.
Appears in 2 contracts
Samples: Housing Commitment Regulatory Agreement, hcr.ny.gov
