Occupancy Restrictions. For the purpose of satisfying the requirements of Section 42 of the Code, at least for the Qualified Project Period, the Owner hereby represents, covenants and agrees as follows: (a) Throughout the Qualified Project Period (excluding Dwelling Units not previously occupied), at least the Applicable Set-Aside Percentage of the completed Dwelling Units in the Project shall be both a Rent Restricted Unit and occupied solely by Qualified Tenants, prior to the satisfaction of which no additional units shall be rented or leased to any other tenants after initial rental occupancy of Dwelling Units by Qualified Tenants, as required by Section 42 of the Code. For purposes of satisfying the requirement that not less than the Applicable Set-Aside Percentage of the Dwelling Units be occupied by Qualified Tenants, no Qualified Tenant shall be denied continued occupancy because, after admission, the Qualified Tenant’s family income exceeds the applicable qualifying income level set forth in the definition of “Qualified Tenant” herein. The Owner shall at all times during the Qualified Project Period maintain the percentage requirements of this Agreement by providing the next available unit of comparable or smaller size to Qualified Tenants as needed to achieve compliance with the foregoing requirements. If necessary, the Owner shall refrain from renting Dwelling Units in the Project to persons other than Qualified Tenants in order to avoid violating the requirement that at all times during the Qualified Project Period at least the Applicable Set-Aside Percentage of the completed Dwelling Units in the Project shall be both a Rent Restricted Unit and occupied by Qualified Tenants. (b) To obtain and maintain on file for each Qualified Tenant residing at the Project (which shall be obtained and updated each year during occupancy by such tenant), a copy of such tenant’s executed Certification of Tenant Eligibility and Income Verification (attached hereto as Exhibit B or in such other form and manner as may be required by the applicable rules, regulations or policies now or hereafter promulgated by the Authority, the Department of the Treasury or the Internal Revenue Service (the “IRS”)), as well as supporting documentation, which is subject to independent investigation and verification by the Authority and which shall be submitted to the Authority as set forth in (c) below. (c) The Owner will immediately notify the Authority if at any time any of the Dwelling Units in the Project are not occupied or available for occupancy as provided above, and the Owner will prepare and submit to the Authority, no later than January 15 of each year following the first year of the Qualified Project Period, a Certificate of Continuing Program Compliance (the form of which is attached hereto as Exhibit C) and an Annual Tax Credit Summary Report (the form of which is attached hereto as Exhibit D), both executed by the Owner stating the number of Dwelling Units in the Project which, as of the first date of each calendar year, were occupied by Qualified Tenants (or were deemed to be occupied by Qualified Tenants as provided in subparagraph (a) above for all or part of such period), together with copies of annual Certifications of Tenant Eligibility and Income Verification (and supporting documentation) collected by the Owner. (d) The Owner shall collect and keep records for each qualified low-income building in the Project which show for each year during the Qualified Project Period the following information for each building in the Project and shall retain such records for at least six (6) years after the due date (with extensions) for filing the federal tax return for that year (provided, however, that the records for the first (1st) year of the Qualified Project Period must be retained for at least six (6) years beyond the due date (with extensions) for filing the federal income tax return for the last year of the compliance period of the building): (i) the total number of Dwelling Units in each building (including the number of bedrooms and the size in square feet of each residential rental unit); (ii) the percentage of Dwelling Units in each building that are Qualified Units; (iii) the rent charged for each Dwelling Unit in the building, including any utility allowances; (iv) the number of occupants in each Qualified Unit and any changes in the number of occupants in each Qualified Unit; (v) the Qualified Unit vacancies in each building and information that indicates when and to whom the next available units were rented to; (vi) the annual income certification of each Qualified Tenant per Qualified Unit; (vii) documentation to support each Qualified Tenant’s annual income certification (for example, a copy of the Qualified Tenant’s federal income tax return, Forms W-2 or verifications of income from third parties such as employers or state agencies paying unemployment compensation). Tenant income is to be calculated in a manner consistent with the determination of annual income under Section 8 of the United States Housing Act of 1937 (“Section 8”) and not in accordance with the determination of gross income for federal income tax liability. In the case of a tenant receiving housing assistance payments under Section 8, the documentation requirement of this subsection 4(d)(vii) is satisfied if the public housing authority provides a statement to the Owner declaring that the tenant’s income does not exceed the applicable income limit under Code Section 42(g); (viii) the eligible basis and the Qualified Basis of each building at the end of the first year of the Qualified Project Period; and (ix) the character and use of the nonresidential portion of each building included in the eligible basis of the building under Section 42(d) of the Code (e.g., tenant facilities that are available on a comparable basis to all tenants and for which no separate fee is charged for use of the facilities or facilities reasonably required by the Project); (e) The Authority shall have the right to perform on-site inspections of the Project throughout the Qualified Project Period. (f) The form of lease to be used by the Owner in renting any units in the Project to Qualified Tenants shall provide for termination of the lease and consent by such person to immediate eviction proceedings in accordance with state law for failure to qualify as a Qualified Tenant, as applicable, as a result of any material misrepresentation made by such person with respect to his or her income, the failure to provide supporting income verification or failure by such person to annually update the Certification of Tenant Eligibility and Income Verification. (g) To permit any duly authorized representative of the Authority, the Department of the Treasury or the IRS to inspect the books and records of the Owner pertaining to the incomes of the Qualified Tenants residing in the Project. (h) Throughout the Qualified Project Period, to target rents, to comply with targeted rent levels and to comply all other conditions of targeting as set forth on the Summary Page hereof.
Appears in 6 contracts
Samples: Land Use Restriction Agreement, Land Use Restriction Agreement, Land Use Restriction Agreement
Occupancy Restrictions. For the purpose of satisfying the requirements of Section 42 of the Code, at least for the Qualified Project Period, the Owner hereby represents, covenants and agrees as follows:
(a) Throughout the Qualified Project Period (excluding Dwelling Units not previously occupied), at least the Applicable Set-Aside Percentage of the completed Dwelling Units in the Project shall be both a Rent Restricted Unit and occupied solely by Qualified Tenants, prior to the satisfaction of which no additional units shall be rented or leased to any other tenants after initial rental occupancy of Dwelling Units by Qualified Tenants, as required by Section 42 of the Code. For purposes of satisfying the requirement that not less than the Applicable Set-Aside Percentage of the Dwelling Units be occupied by Qualified Tenants, no Qualified Tenant shall be denied continued occupancy because, after admission, the Qualified Tenant’s family income exceeds the applicable qualifying income level set forth in the definition of “Qualified Tenant” herein. The Owner shall at all times during the Qualified Project Period maintain the percentage requirements of this Agreement by providing the next available unit of comparable or smaller size to Qualified Tenants as needed to achieve compliance with the foregoing requirements. If necessary, the Owner shall refrain from renting Dwelling Units in the Project to persons other than Qualified Tenants in order to avoid violating the requirement that at all times during the Qualified Project Period at least the Applicable Set-Aside Percentage of the completed Dwelling Units in the Project shall be both a Rent Restricted Unit and occupied by Qualified Tenants.
(b) To obtain and maintain on file for each Qualified Tenant residing at the Project (which shall be obtained and updated each year during occupancy by such tenant), ) a copy of such tenant’s executed Certification of Tenant Eligibility and Income Verification (attached hereto as Exhibit B or in such other form and manner as may be required by the applicable rules, regulations or policies now or hereafter promulgated by the Authority, the Department of the Treasury or the Internal Revenue Service (the “IRS”)), as well as supporting documentation, which is subject to independent investigation and verification by the Authority and which shall be submitted to the Authority as set forth in (c) below.
(c) The Owner will immediately notify the Authority if at any time any of the Dwelling Units in the Project are not occupied or available for occupancy as provided above, and the Owner will prepare and submit to the Authority, no later than January 15 of each year following the first year of the Qualified Project Period, a Certificate of Continuing Program Compliance (the form of which is attached hereto as Exhibit C) and an Annual Tax Credit Summary Report (the form of which is attached hereto as Exhibit D), both executed by the Owner stating the number of Dwelling Units in the Project which, as of the first date of each calendar year, were occupied by Qualified Tenants (or were deemed to be occupied by Qualified Tenants as provided in subparagraph (a) above for all or part of such period), together with copies of annual Certifications of Tenant Eligibility and Income Verification (and supporting documentation) collected by the Owner.Project
(d) The Owner shall collect and keep records for each qualified low-income building in the Project which show for each year during the Qualified Project Period the following information for each building in the Project and shall retain such records for at least six (6) years after the due date (with extensions) for filing the federal tax return for that year (provided, however, that the records for the first (1st) year of the Qualified Project Period must be retained for at least six (6) years beyond the due date (with extensions) for filing the federal income tax return for the last year of the compliance period of the building):
(i) the total number of Dwelling Units in each building (including the number of bedrooms and the size in square feet of each residential rental unit);
(ii) the percentage of Dwelling Units in each building that are Qualified Units;
(iii) the rent charged for each Dwelling Unit in the building, including any utility allowances;
(iv) the number of occupants in each Qualified Unit and any changes in the number of occupants in each Qualified Unit;
(v) the Qualified Unit vacancies in each building and information that indicates when and to whom the next available units were rented to;
(vi) the annual income certification of each Qualified Tenant per Qualified Unit;
(vii) documentation to support each Qualified Tenant’s annual income certification (for example, a copy of the Qualified Tenant’s federal income tax return, Forms W-2 W-2, or verifications of income from third parties such as employers or state agencies paying unemployment compensation). Tenant income is to be calculated in a manner consistent with the determination of annual income under Section 8 of the United States Housing Act of 1937 (“Section 8”) ), and not in accordance with the determination of gross income for federal income tax liability. In the case of a tenant receiving housing assistance payments under Section 8, the documentation requirement of this subsection 4(d)(vii) is satisfied if the public housing authority provides a statement to the Owner declaring that the tenant’s income does not exceed the applicable income limit under Code Section 42(g);
(viii) the eligible basis and the Qualified Basis of each building at the end of the first year of the Qualified Project Period; and
(ix) the character and use of the nonresidential non-residential portion of each building included in the eligible basis of the building under Section 42(d) of the Code (e.g., tenant facilities that are available on a comparable basis to all tenants and for which no separate fee is charged for use of the facilities facilities, or facilities reasonably required by the Project);.
(e) The Authority shall have the right to perform on-site inspections of the Project throughout the Qualified Project Period.
(f) The form of lease to be used by the Owner in renting any units in the Project to Qualified Tenants shall provide for termination of the lease and consent by such person to immediate eviction proceedings in accordance with state law for failure to qualify as a Qualified Tenant, as applicable, as a result of any material misrepresentation made by such person with respect to his or her income, the failure to provide supporting income verification or failure by such person to annually update the Certification of Tenant Eligibility and Income Verification.
(g) To permit any duly authorized representative of the Authority, the Department of the Treasury or the IRS to inspect the books and records of the Owner pertaining to the incomes of the Qualified Tenants residing in the Project.
(h) Throughout the Qualified Project Period, to target rents, to comply with targeted rent levels levels, and to comply all other conditions of targeting as set forth on the Summary Page hereof.
Appears in 3 contracts
Samples: Land Use Restriction Agreement for Low Income Housing Tax Credits, Land Use Restriction Agreement, Land Use Restriction Agreement
Occupancy Restrictions. For the purpose The Owner covenants that it will not knowingly take or permit any action that would result in a violation of satisfying the requirements of Section 42 and applicable regulations of this Agreement. The Owner covenants to take any lawful action (including amendment of this Agreement as may be necessary, in the opinion of the CodeBOARD) to comply fully with the Code and with all applicable rules, at least rulings, policies, procedures, regulations or other official statements promulgated or proposed by the United States Department of the Treasury, or the Internal Revenue Service, or the Department of Housing and Urban Development from time to time pertaining to the Owner’s obligations under Section 42 and affecting the Project. The Owner acknowledges that the primary purpose for the Qualified Project Period, requiring compliance by the Owner hereby represents, covenants and agrees as follows:
(a) Throughout with the Qualified Project Period (excluding Dwelling Units not previously occupied), at least the Applicable Set-Aside Percentage restrictions provided in this Agreement is to assure compliance of the completed Dwelling Units Project and the Owner with Section 42 and the applicable regulations, AND BY REASON THEREOF, THE OWNER IN CONSIDERATION FOR RECEIVING LOW-INCOME HOUSING CREDITS FOR THIS PROJECT HEREBY AGREES AND CONSENTS THAT THE BOARD AND ANY INDIVIDUAL WHO MEETS THE INCOME LIMITATION APPLICABLE UNDER SECTION 42 (WHETHER PROSPECTIVE, PRESENT OR FORMER OCCUPANT) SHALL BE ENTITLED, FOR ANY BREACH OF THE PROVISIONS HEREOF, AND IN ADDITION TO ALL OTHER REMEDIES PROVIDED BY LAW OR IN EQUITY, TO ENFORCE SPECIFIC PERFORMANCE BY THE OWNER OF ITS OBLIGATIONS UNDER THIS AGREEMENT IN A STATE COURT OF COMPETENT JURISDICTION. The Owner hereby further specifically acknowledges that the beneficiaries of the Owner’s obligations hereunder cannot be adequately compensated by monetary damages in the event of any default hereunder. The Owner hereby agrees that the representations and covenants set forth herein may be relied upon by the BOARD and all persons interested in Project shall be both a Rent Restricted Unit and occupied solely by Qualified Tenants, prior to the satisfaction of which no additional units shall be rented or leased to any other tenants after initial rental occupancy of Dwelling Units by Qualified Tenants, as required by compliance under Section 42 and the applicable regulations. The Owner acknowledges that the BOARD is required, pursuant to Section 42(m)(1)(B)(iii) of the Code. For purposes of satisfying the requirement that not less than the Applicable SetCode and Section 1.42-Aside Percentage 5 of the Dwelling Units be occupied by Qualified TenantsRegulations, no Qualified Tenant shall be denied continued occupancy becauseto establish a procedure to monitor the Owner’s and the Project’s compliance with the requirements of Section 42, after admissionwhich procedure includes the monitoring of the Owner’s compliance with the Additional Restrictions, the Qualified Tenant’s family income exceeds the applicable qualifying income level if any, set forth in Exhibit C hereof. In addition, BOARD may be required to notify the definition Internal Revenue Service of “Qualified Tenant” hereinany noncompliance. The Owner shall at all times during submit any other information, documents or certifications requested by the Qualified Project Period maintain BOARD, which the percentage requirements of this Agreement by providing BOARD shall deem reasonably necessary to substantiate the next available unit of comparable or smaller size to Qualified Tenants as needed to achieve Owner’s continuing compliance with the foregoing requirements. If necessary, the Owner shall refrain from renting Dwelling Units in the Project to persons other than Qualified Tenants in order to avoid violating the requirement that at all times during the Qualified Project Period at least the Applicable Set-Aside Percentage of the completed Dwelling Units in the Project shall be both a Rent Restricted Unit and occupied by Qualified Tenants.
(b) To obtain and maintain on file for each Qualified Tenant residing at the Project (which shall be obtained and updated each year during occupancy by such tenant), a copy of such tenant’s executed Certification of Tenant Eligibility and Income Verification (attached hereto as Exhibit B or in such other form and manner as may be required by the applicable rules, regulations or policies now or hereafter promulgated by the Authority, the Department of the Treasury or the Internal Revenue Service (the “IRS”)), as well as supporting documentation, which is subject to independent investigation and verification by the Authority and which shall be submitted to the Authority as set forth in (c) below.
(c) The Owner will immediately notify the Authority if at any time any of the Dwelling Units in the Project are not occupied or available for occupancy as provided above, and the Owner will prepare and submit to the Authority, no later than January 15 of each year following the first year of the Qualified Project Period, a Certificate of Continuing Program Compliance (the form of which is attached hereto as Exhibit C) and an Annual Tax Credit Summary Report (the form of which is attached hereto as Exhibit D), both executed by the Owner stating the number of Dwelling Units in the Project which, as of the first date of each calendar year, were occupied by Qualified Tenants (or were deemed to be occupied by Qualified Tenants as provided in subparagraph (a) above for all or part of such period), together with copies of annual Certifications of Tenant Eligibility and Income Verification (and supporting documentation) collected by the Owner.
(d) The Owner shall collect and keep records for each qualified low-income building in the Project which show for each year during the Qualified Project Period the following information for each building in the Project and shall retain such records for at least six (6) years after the due date (with extensions) for filing the federal tax return for that year (provided, however, that the records for the first (1st) year of the Qualified Project Period must be retained for at least six (6) years beyond the due date (with extensions) for filing the federal income tax return for the last year of the compliance period of the building):
(i) the total number of Dwelling Units in each building (including the number of bedrooms and the size in square feet of each residential rental unit);
(ii) the percentage of Dwelling Units in each building that are Qualified Units;
(iii) the rent charged for each Dwelling Unit in the building, including any utility allowances;
(iv) the number of occupants in each Qualified Unit and any changes in the number of occupants in each Qualified Unit;
(v) the Qualified Unit vacancies in each building and information that indicates when and to whom the next available units were rented to;
(vi) the annual income certification of each Qualified Tenant per Qualified Unit;
(vii) documentation to support each Qualified Tenant’s annual income certification (for example, a copy of the Qualified Tenant’s federal income tax return, Forms W-2 or verifications of income from third parties such as employers or state agencies paying unemployment compensation). Tenant income is to be calculated in a manner consistent with the determination of annual income under Section 8 of the United States Housing Act of 1937 (“Section 8”) and not in accordance with the determination of gross income for federal income tax liability. In the case of a tenant receiving housing assistance payments under Section 8, the documentation requirement provision of this subsection 4(d)(vii) is satisfied if the public housing authority provides a statement to the Owner declaring that the tenant’s income does not exceed the applicable income limit under Code Section 42(g);
(viii) the eligible basis and the Qualified Basis of each building at the end of the first year of the Qualified Project Period; and
(ix) the character and use of the nonresidential portion of each building included in the eligible basis of the building under Section 42(d) of the Code (e.g., tenant facilities that are available on a comparable basis to all tenants and for which no separate fee is charged for use of the facilities or facilities reasonably required by the Project);
(e) The Authority shall have the right to perform on-site inspections of the Project throughout the Qualified Project PeriodAgreement.
(f) The form of lease to be used by the Owner in renting any units in the Project to Qualified Tenants shall provide for termination of the lease and consent by such person to immediate eviction proceedings in accordance with state law for failure to qualify as a Qualified Tenant, as applicable, as a result of any material misrepresentation made by such person with respect to his or her income, the failure to provide supporting income verification or failure by such person to annually update the Certification of Tenant Eligibility and Income Verification.
(g) To permit any duly authorized representative of the Authority, the Department of the Treasury or the IRS to inspect the books and records of the Owner pertaining to the incomes of the Qualified Tenants residing in the Project.
(h) Throughout the Qualified Project Period, to target rents, to comply with targeted rent levels and to comply all other conditions of targeting as set forth on the Summary Page hereof.
Appears in 3 contracts
Samples: Declaration of Land Use Restrictive Covenants, Declaration of Land Use Restrictive Covenants, Declaration of Land Use Restrictive Covenants
Occupancy Restrictions. For the purpose of satisfying the requirements of Section 42 of the CodeCode and the requirements of the Authority, at least for the Qualified Project duration of the Affordability Period, the Owner hereby represents, covenants and agrees as follows:
(a) Throughout the Qualified Project Period (excluding Dwelling Units not previously occupied), at At least the Applicable Set-Aside Percentage of the completed Dwelling Units in the Project (excluding Dwelling Units not previously occupied) shall be both a Rent Restricted Unit Units and occupied solely by Qualified Tenants, prior to the satisfaction of which no additional units shall be rented or leased to any other tenants after initial rental occupancy of Dwelling Units by Qualified Tenants, as required by Section 42 of the Code. For purposes of satisfying the requirement that not less than the Applicable Set-Aside Percentage of the Dwelling Units be occupied by Qualified Tenants, no Qualified Tenant shall be denied continued occupancy because, after admission, the Qualified Tenant’s family income exceeds the applicable qualifying income level set forth in the definition of “Qualified Tenant” herein. The Owner shall at all times during the Qualified Project Affordability Period maintain the percentage requirements of this Agreement by providing the next available unit of comparable or smaller size to Qualified Tenants as needed to achieve compliance with the foregoing requirements. If necessary, the Owner shall refrain from renting Dwelling Units in the Project to persons other than Qualified Tenants in order to avoid violating the requirement that at all times during the Qualified Project Affordability Period at least the Applicable Set-Aside Percentage of the completed Dwelling Units in the Project shall be both a Rent Restricted Unit and occupied by Qualified Tenants.
(b) To obtain and maintain on file for each Qualified Tenant residing at the Project (which shall be obtained and updated each year during occupancy by such tenant), a copy of such tenant’s executed Certification of Tenant Eligibility and Income Verification (attached hereto as Exhibit B or in such other form and manner as may be required by the applicable rules, regulations or policies now or hereafter promulgated by the Authority, the Department of the Treasury or the Internal Revenue Service (the “IRS”)), as well as supporting documentation, which is subject to independent investigation and verification by the Authority and which shall be submitted to the Authority as set forth in (c) below.
(c) The Owner will immediately notify the Authority if at any time any of the Dwelling Qualified Units in the Project are not occupied or available for occupancy as provided above. In addition, and the Owner will prepare and submit to the Authority, no later than January 15 of each year following the first year of the Qualified Project Affordability Period, (i) a Certificate of Continuing Program Compliance (the form of which is attached hereto as Exhibit Cpublished on the website of the Authority or otherwise available from the Authority) and (ii) an Annual Tax Credit Summary Report (the form of which is attached hereto as Exhibit Dpublished on the website of the Authority or otherwise available from the Authority), both executed by the Owner stating the number of Dwelling Units in the Project which, as of the first date of each previous calendar year, were occupied by Qualified Tenants (or were deemed to be occupied by Qualified Tenants as provided in subparagraph (a) above for all or part of such period), together with copies of annual Certifications of Tenant Eligibility and Income Verification (and supporting documentation) collected by the Owner.
(d) The Owner shall collect and keep records for each qualified low-low income building in the Project Project, and submit to the Authority as required by this Section 4, which show for each year during the Qualified Project Affordability Period the following information for each building in the Project and shall retain such records for at least six (6) years after the due date (with extensions) for filing the federal tax return for that year (provided, however, that the records for the first (1st) year of the Qualified Project Affordability Period must be retained for at least six (6) years beyond the due date (with extensions) for filing the federal income tax return for the last year of the compliance period of the building):
(i) the total number of Dwelling Units in each building (including the number of bedrooms and the size in square feet of each residential rental unit);
(ii) the percentage of Dwelling Units in each building that are Qualified Units;
(iii) the rent charged for each Dwelling Unit in the building, including any utility allowances;
(iv) the number of occupants in each Qualified Unit and any changes in the number of occupants in each Qualified Unit;
(v) the Qualified Unit vacancies in each building and information that indicates when and to whom the next available units were rented to;
(vi) the annual income certification of each Qualified Tenant per Qualified Unit;
(vii) documentation to support each Qualified Tenant’s annual income certification (for example, a copy of the Qualified Tenant’s federal income tax return, Forms W-2 or verifications of income from third parties such as employers or state agencies paying unemployment compensation). Tenant income is to be calculated in a manner consistent with the determination of annual income under Section 8 of the United States Housing Act of 1937 (“Section 8”) and not in accordance with the determination of gross income for federal income tax liability. In the case of a tenant receiving housing assistance payments under Section 8, the documentation requirement of this subsection 4(d)(vii) is satisfied if the public housing authority provides a statement to the Owner declaring that the tenant’s income does not exceed the applicable income limit under Code Section 42(g);
(viii) the eligible basis and the Qualified Basis of each building at the end of the first year of the Qualified Project Period; and
(ix) the character and use of the nonresidential portion of each building included in the eligible basis of the building under Section 42(d) of the Code (e.g., tenant facilities that are available on a comparable basis to all tenants and for which no separate fee is charged for use of the facilities or facilities reasonably required by the Project);
(e) The Authority shall have the right to perform on-site inspections of the Project throughout the Qualified Project Period.
(f) The form of lease to be used by the Owner in renting any units in the Project to Qualified Tenants shall provide for termination of the lease and consent by such person to immediate eviction proceedings in accordance with state law for failure to qualify as a Qualified Tenant, as applicable, as a result of any material misrepresentation made by such person with respect to his or her income, the failure to provide supporting income verification or failure by such person to annually update the Certification of Tenant Eligibility and Income Verification.
(g) To permit any duly authorized representative of the Authority, the Department of the Treasury or the IRS to inspect the books and records of the Owner pertaining to the incomes of the Qualified Tenants residing in the Project.
(h) Throughout the Qualified Project Period, to target rents, to comply with targeted rent levels and to comply all other conditions of targeting as set forth on the Summary Page hereof.six
Appears in 2 contracts
Samples: Land Use Restriction Agreement, Land Use Restriction Agreement
Occupancy Restrictions. For the purpose of satisfying the requirements of Section 42 of the Code, at least for the Qualified Project Period, the Owner hereby represents, covenants and agrees as follows:
(a) Throughout throughout the Qualified Project Period (excluding Dwelling Units not previously occupied), at least the Applicable Set-Aside Percentage of the completed Dwelling Units in the Project shall be both a Rent Restricted Unit and occupied solely by Qualified Tenants, prior to the satisfaction of which no additional units shall be rented or leased to any other tenants after initial rental occupancy of Dwelling Units by Qualified Tenants, as required by Section 42 of the Code. For purposes of satisfying the requirement that not less than the Applicable Set-Aside Percentage of the Dwelling Units be occupied by Qualified Tenants, no Qualified Tenant shall be denied continued occupancy because, after admission, the Qualified Tenant’s family income exceeds the applicable qualifying income level set forth in the definition of “Qualified Tenant” herein. The Owner shall at all times during the Qualified Project Period maintain the percentage requirements of this Agreement by providing the next available unit of comparable or smaller size to Qualified Tenants as needed to achieve compliance with the foregoing requirements. If necessary, the Owner shall refrain from renting Dwelling Units in the Project to persons other than Qualified Tenants in order to avoid violating the requirement that at all times during the Qualified Project Period at least the Applicable Set-Aside Percentage of the completed Dwelling Units in the Project shall be both a Rent Restricted Unit and occupied by Qualified Tenants.;
(b) To to obtain and maintain on file for each Qualified Tenant residing at the Project (which shall be obtained and updated each year during occupancy by such tenant), a copy of such tenant’s executed Certification of Tenant Eligibility and Income Verification (attached hereto as Exhibit B or in such other form and manner as may be required by the applicable rules, regulations or policies now or hereafter promulgated by the Authority, the Department of the Treasury or the Internal Revenue Service (the “IRS”)), as well as supporting documentation, which is subject to independent investigation and verification by the Authority and which shall be submitted to the Authority as set forth in (c) below.;
(c) The the Owner will immediately notify the Authority if at any time any of the Dwelling Units in the Project are not occupied or available for occupancy as provided above, and the Owner will prepare and submit to the Authority, no not later than January 15 of each year following the first year of the Qualified Project Period, a Certificate of Continuing Program Compliance (the form of which is attached hereto as Exhibit C) and an Annual Tax Credit Summary Report (the form of which is attached hereto as Exhibit D), both executed by the Owner stating the number of Dwelling Units in of the Project which, as of the first date of each calendar year, were occupied by Qualified Tenants (or were deemed to be occupied by Qualified Tenants as provided in subparagraph (a) above for all or part of such period), together with copies of annual Certifications of Tenant Eligibility and Income Verification (and supporting documentation) collected by the Owner.;
(d) The the Owner shall collect and keep records for each qualified low-income building in the Project which show that shows for each year during the Qualified Project Period the following information for each building in the Project and shall retain such records for at least six (6) years after the due date (with extensions) for filing the federal tax return for that year (provided, however, that the records for the first (1st) year of the Qualified Project Period must be retained for at least six (6) years beyond the due date (with extensions) for filing the federal income tax return for the last year of the compliance period of the building):
(i) the total number of Dwelling Units in each building (including the number of bedrooms and the size in square feet of each residential rental unit);
(ii) the percentage of Dwelling Units in each building that are Qualified Units;
(iii) the rent charged for each Dwelling Unit in the building, including any utility allowances;
(iv) the number of occupants in each Qualified Unit and any changes in the number of occupants in each Qualified Unit;
(v) the Qualified Unit vacancies in each building and information that indicates when and to whom the next available units were unit was rented to;
(vi) the annual income certification of each Qualified Tenant per Qualified Unit;
(vii) documentation to support each Qualified Tenant’s annual income certification (for example, a copy of the Qualified Tenant’s federal income tax return, Forms W-2 or verifications of income from third parties such as employers or state agencies paying unemployment compensation). Tenant income is to be calculated in a manner consistent with the determination of annual income under Section 8 of the United States Housing Act of 1937 (“Section 8”) and not in accordance with the determination of gross income for federal income tax liability. In the case of a tenant receiving housing assistance payments under Section 8, the documentation requirement of this subsection 4(d)(vii) is satisfied if the public housing authority provides a statement to the Owner declaring that the tenant’s income does not exceed the applicable income limit under Code Section 42(g);
(viii) the eligible basis and the Qualified Basis of each building at the end of the first year of the Qualified Project Period; and
(ix) the character and use of the nonresidential portion of each building included in the eligible basis of the building under Section 42(d) of the Code (e.g., tenant facilities that are available on a comparable basis to all tenants and for which no separate fee is charged for use of the facilities or facilities reasonably required by the Project);
(e) The Authority shall have the right to perform an on-site inspections inspection of the Project throughout the Qualified Project Period.;
(f) The the form of lease to be used by the Owner in renting any units in the Project to Qualified Tenants shall provide for termination of the lease and consent by such person to immediate eviction proceedings in accordance with state law for failure to qualify as a Qualified Tenant, as applicable, as a result of any material misrepresentation made by such person with respect to his or her income, the failure to provide supporting income verification or failure by such person to annually update the Certification of Tenant Eligibility and Income Verification.;
(g) To to permit any duly authorized representative of the Authority, the Department of the Treasury or the IRS to inspect the books and records of the Owner pertaining to the incomes of the Qualified Tenants residing in the Project.; and
(h) Throughout throughout the Qualified Project Period, to target rents, to comply with targeted rent levels and to comply all other conditions of targeting as set forth on the Summary Page hereof.
Appears in 2 contracts
Samples: Land Use Restriction Agreement, Land Use Restriction Agreement
Occupancy Restrictions. For the purpose of satisfying the requirements of Section 42 of the Code, at least for the Qualified Project Period, the Owner hereby represents, covenants and agrees as follows:
(a) Throughout throughout the Qualified Project Period (excluding Dwelling Units not previously occupied), at least the Applicable Set-Aside Percentage of the completed Dwelling Units in the Project shall be both a Rent Restricted Unit and occupied solely by Model Crown XXXX 6 Qualified Tenants, prior to the satisfaction of which no additional units shall be rented or leased to any other tenants after initial rental occupancy of Dwelling Units by Qualified Tenants, as required by Section 42 of the Code. For purposes of satisfying the requirement that not less than the Applicable Set-Aside Percentage of the Dwelling Units be occupied by Qualified Tenants, no Qualified Tenant shall be denied continued occupancy because, after admission, the Qualified Tenant’s family income exceeds the applicable qualifying income level set forth in the definition of “Qualified Tenant” herein. The Owner shall at all times during the Qualified Project Period maintain the percentage requirements of this Agreement by providing the next available unit units of comparable or smaller size to Qualified Tenants as needed to achieve compliance with the foregoing requirements. If necessary, the Owner shall refrain from renting Dwelling Units in the Project to persons other than Qualified Tenants in order to avoid violating the requirement that at all times during the Qualified Project Period at least the Applicable Set-Aside Percentage of the completed Dwelling Units in the Project shall be both a Rent Restricted Unit and occupied by Qualified Tenants.;
(b) To to obtain and maintain on file for from each Qualified Tenant residing at in the Project (which shall be obtained and updated each year during occupancy by such tenant), ) a copy of such tenant’s executed Certification of Tenant Eligibility and Income Verification (attached hereto as Exhibit B or in such other form and manner as may be required by the applicable rules, regulations or policies now or hereafter promulgated by the Authority, the Department of the Treasury or the Internal Revenue Service (the “IRS”)), as well as supporting documentation, which is subject to independent investigation and verification by the Authority and which shall be submitted to the Authority as set forth in (c) below.;
(c) The the Owner will immediately notify the Authority if at any time any of the Dwelling Units in the Project are not occupied or available for occupancy as provided above, and the Owner will prepare and submit to the Authority, no not later than January 15 of each year following the first year of the Qualified Project Period, a Certificate of Continuing Program Compliance (the form of which is attached hereto as Exhibit C) and an Annual Tax Credit Summary Report (the form of which is attached hereto as Exhibit D), both executed by the Owner stating the number of Dwelling Units in of the Project which, as of the first date of each calendar year, were occupied by Qualified Tenants (or were deemed to be occupied by Qualified Tenants as provided in subparagraph (a) above for all or part of such period), together with copies of annual Certifications of Tenant Eligibility and Income Verification (and supporting documentation) collected by the Owner.;
(d) The the Owner shall collect and keep records for each qualified low-income building in the Project which that show for each year during the Qualified Project Period the following information for each building in the Project and shall retain such records for at least six (6) years after the due date (with extensions) for filing the federal tax return for that year (provided, however, that the records for the first (1st) year of the Qualified Project Period must be retained for at least six (6) years beyond the due date (with extensions) for filing the federal income tax return for the last year of the compliance period of the building):): 4832-2926-6180.1 Model Crown XXXX
(i) the total number of Dwelling Units in each the building (including the number of bedrooms and the size in square feet of each residential rental unit);
(ii) the percentage of Dwelling Units Unit in each the building that are Qualified Units;
(iii) the rent charged for on each Dwelling Unit Units in the building, including any utility allowances;
(iv) the number of occupants in each Qualified Unit and any changes in the number of occupants in each Qualified Unit;
(v) the Qualified Unit vacancies in each the building and information that indicates when and to whom the next available units were rented torented;
(vi) the annual income certification of each Qualified Tenant per Qualified Unit;
(vii) documentation to support each Qualified Tenant’s annual income certification (for example, a copy of the Qualified Tenant’s federal income tax return, Forms W-2 W-2, or verifications of income from third parties such as employers or state agencies paying unemployment compensation). Tenant income is to be calculated in a manner consistent with the determination of annual income under Section 8 of the United States Housing Act of 1937 (“Section 8”) ), and not in accordance with the determination of gross income for federal income tax liability. In the case of a tenant receiving housing assistance payments under Section 8, the documentation requirement of this subsection 4(d)(vii) is satisfied if the public housing authority provides a statement to the Owner declaring that the tenant’s income does not exceed the applicable income limit under Code Section 42(g);
(viii) the eligible basis and the Qualified Basis of each the building at the end of the first year of the Qualified Project Period; and
(ix) the character and use of the nonresidential non-residential portion of each the building included in the eligible basis of the building under Section 42(d) of the Code (e.g., tenant facilities that are available on a comparable basis to all tenants and for which no separate fee is charged for use of the facilities facilities, or facilities reasonably required by the Projectproject);; and
(ex) The that the Authority shall have the right to perform an on-site inspections inspection of the Project throughout the Qualified Project Period, in addition to the requirement that the Owner submit to the Authority each year information on tenant income, supporting documentation and rent for each Qualified Unit as designated above.
(fe) The the form of lease to be used by the Owner in renting any units in the Project to Qualified Tenants shall provide for termination of the lease and consent by Model Crown XXXX 8 such person to immediate eviction proceedings in accordance with state law for failure to qualify as a Qualified Tenant, as applicable, as a result of any material misrepresentation made by such person with respect to his or her income, the failure to provide supporting income verification or failure by such person to annually update the Certification of Tenant Eligibility and Income Verification.;
(gf) To to permit any duly authorized representative of the Authority, the Department of the Treasury or the IRS to inspect the books and records of the Owner pertaining to the incomes of the Qualified Tenants residing in the Project.; and
(hg) Throughout throughout the Qualified Project Period, to target rents, to comply with targeted rent levels levels, and to comply all other conditions of targeting as set forth on the Summary Page hereof.
Appears in 2 contracts
Samples: Land Use Restriction Agreement, Land Use Restriction Agreement
Occupancy Restrictions. For the purpose of satisfying the requirements of Section 42 of the Code, at least for the Qualified Project Period, the Owner hereby represents, covenants and agrees as follows:
(a) Throughout throughout the Qualified Project Period (excluding Dwelling Units not previously occupied), at least the Applicable Set-Aside Percentage of the completed Dwelling Units in the Project shall be both a Rent Restricted Unit and occupied solely by Qualified Tenants, prior to the satisfaction of which no additional units shall be rented or leased to any other tenants after initial rental occupancy of Dwelling Units by Qualified Tenants, as required by Section 42 of the Code. For purposes of satisfying the requirement that not less than the Applicable Set-Aside Percentage of the Dwelling Units be occupied by Qualified Tenants, no Qualified Tenant shall be denied continued occupancy because, after admission, the Qualified Tenant’s family income exceeds the applicable qualifying income level set forth in the definition of “Qualified Tenant” herein. The Owner shall at all times during the Qualified Project Period maintain the percentage requirements of this Agreement by providing the next available unit of comparable or smaller size to Qualified Tenants as needed to achieve compliance with the foregoing requirements. If necessary, the Owner shall refrain from renting Dwelling Units in the Project to persons other than Qualified Tenants in order to avoid violating the requirement that at all times during the Qualified Project Period at least the Applicable Set-Aside Percentage of the completed Dwelling Units in the Project shall be both a Rent Restricted Unit and occupied by Qualified Tenants.;
(b) To to obtain and maintain on file for from each Qualified Tenant residing at in the Project (which shall be obtained and updated each year during occupancy by such tenant), a copy of such tenant’s executed Certification of Tenant Eligibility and Income Verification (attached hereto as Exhibit B or in such other form and manner as may be required by the applicable rules, regulations or policies now or hereafter promulgated by the Authority, the Department of the Treasury or the Internal Revenue Service (the “IRS”)), as well as supporting documentation, which is subject to independent investigation and verification by the Authority and which shall be submitted to the Authority as set forth in (c) below.;
(c) The the Owner will immediately notify the Authority if at any time any of the Dwelling Units in the Project are not occupied or available for occupancy as provided above, and the Owner will prepare and submit to the Authority, no not later than January 15 of each year following the first year of the Qualified Project Period, a Certificate of Continuing Program Compliance (the form of which is attached hereto as Exhibit C) and an Annual Tax Credit Summary Report (the form of which is attached hereto as Exhibit D), both executed by the Owner stating the number of Dwelling Units in of the Project which, as of the first date of each calendar year, were occupied by Qualified Tenants (or were deemed to be occupied by Qualified Tenants as provided in subparagraph (a) above for all or part of such period), together with copies of annual Certifications of Tenant Eligibility and Income Verification (and supporting documentation) collected by the Owner.;
(d) The the Owner shall collect and keep records for each qualified low-income building in the Project which that show for each year during the Qualified Project Period the following information for each building in the Project and shall retain such records for at least six (6) years after the due date (with extensions) for filing the federal tax return for that year (provided, however, that the records for the first (1st) year of the Qualified Project Period must be retained for at least six (6) years beyond the due date (with extensions) for filing the federal income tax return for the last year of the compliance period of the building):
(i) the total number of Dwelling Units in each the building (including the number of bedrooms and the size in square feet of each residential rental unit);
(ii) the percentage of Dwelling Units in each the building that are Qualified Units;
(iii) the rent charged for on each Dwelling Unit in the building, including any utility allowances;
(iv) the number of occupants in each Qualified Unit and any changes in the number of occupants in each Qualified Unit;
(v) the Qualified Unit vacancies in each the building and information that indicates when and to whom the next available units were rented tounit was rented;
(vi) the annual income certification of each Qualified Tenant per Qualified Unit;
(vii) documentation to support each Qualified Tenant’s annual income certification (for example, a copy of the Qualified Tenant’s federal income tax return, Forms W-2 or verifications of income from third parties such as employers or state agencies paying unemployment compensation). Tenant income is to be calculated in a manner consistent with the determination of annual income under Section 8 of the United States Housing Act of 1937 (“Section 8”) and not in accordance with the determination of gross income for federal income tax liability. In the case of a tenant receiving housing assistance payments under Section 8, the documentation requirement of this subsection 4(d)(vii) is satisfied if the public housing authority provides a statement to the Owner declaring that the tenant’s income does not exceed the applicable income limit under Code Section 42(g);
(viii) the eligible basis and the Qualified Basis of each the building at the end of the first year of the Qualified Project Period; and
(ix) the character and use of the nonresidential portion of each the building included in the eligible basis of the building under Section 42(d) of the Code (e.g., tenant facilities that are available on a comparable basis to all tenants and for which no separate fee is charged for use of the facilities or facilities reasonably required by the Projectproject);
(e) The that the Authority shall have the right to perform an on-site inspections inspection of the Project throughout the Qualified Project Period., in addition to the requirement that the Owner submit to the Authority each year information on tenant income, supporting documentation and rent for each Qualified Unit as designated above;
(f) The the form of lease to be used by the Owner in renting any units in the Project to Qualified Tenants shall provide for termination of the lease and consent by such person to immediate eviction proceedings in accordance with state law for failure to qualify as a Qualified Tenant, as applicable, as a result of any material misrepresentation made by such person with respect to his or her income, the failure to provide supporting income verification or failure by such person to annually update the Certification of Tenant Eligibility and Income Verification.;
(g) To to permit any duly authorized representative of the Authority, the Department of the Treasury or the IRS to inspect the books and records of the Owner pertaining to the incomes of the Qualified Tenants residing in the Project.; and
(h) Throughout throughout the Qualified Project Period, to target rents, to comply with targeted rent levels and to comply all other conditions of targeting as set forth on the Summary Page hereof.
Appears in 2 contracts
Samples: Land Use Restriction Agreement, Land Use Restriction Agreement
Occupancy Restrictions. For the purpose of satisfying the requirements of Section 42 of the CodeCode and the requirements of the Authority, at least for the Qualified Project duration of the Affordability Period, the Owner hereby represents, covenants and agrees as follows:
(a) Throughout the Qualified Project Period (excluding Dwelling Units not previously occupied), at At least the Applicable Set-Aside Percentage of the completed Dwelling Units in the Project (excluding Dwelling Units not previously occupied) shall be both a Rent Restricted Unit and occupied solely by Qualified Tenants, prior to the satisfaction of which no additional units shall be rented or leased to any other tenants after initial rental occupancy of Dwelling Units by Qualified Tenants, as required by Section 42 of the Code. For purposes of satisfying the requirement that not less than the Applicable Set-Aside Percentage of the Dwelling Units be occupied by Qualified Tenants, no Qualified Tenant shall be denied continued occupancy because, after admission, the Qualified Tenant’s family income exceeds the applicable qualifying income level set forth in the definition of “Qualified Tenant” herein. The Owner shall at all times during the Qualified Project Period maintain the percentage requirements of this Agreement by providing the next available unit of comparable or smaller size to Qualified Tenants as needed to achieve compliance with the foregoing requirements. If necessary, the Owner shall refrain from renting Dwelling Units in the Project to persons other than Qualified Tenants in order to avoid violating the requirement that at all times during the Qualified Project Period at least the Applicable Set-Aside Percentage of the completed Dwelling Units in the Project shall be both a Rent Restricted Unit and occupied by Qualified Tenants.both
(b) To obtain and maintain on file for each Qualified Tenant residing at the Project (which shall be obtained and updated each year during occupancy by such tenant), a copy of such tenant’s executed Certification of Tenant Eligibility and Income Verification (attached hereto as Exhibit B or in such other form and manner as may be required by the applicable rules, regulations or policies now or hereafter promulgated by the Authority, the Department of the Treasury or the Internal Revenue Service (the “IRS”)), as well as supporting documentation, which is subject to independent investigation and verification by the Authority and which shall be submitted to the Authority as set forth in (c) below.
(c) The Owner will immediately notify the Authority if at any time any of the Dwelling Qualified Units in the Project are not occupied or available for occupancy as provided above. In addition, and the Owner will prepare and submit to the Authority, no later than January 15 of each year following the first year of the Qualified Project Affordability Period, ,
(i) a Certificate of Continuing Program Compliance (the form of which is attached hereto as Exhibit Cpublished on the website of the Authority or otherwise available from the Authority) and (ii) an Annual Tax Credit Summary Report (the form of which is attached hereto as Exhibit Dpublished on the website of the Authority or otherwise available from the Authority), both executed by the Owner stating the number of Dwelling Units in the Project which, as of the first date of each previous calendar year, were occupied by Qualified Tenants (or were deemed to be occupied by Qualified Tenants as provided in subparagraph (a) above for all or part of such period), together with copies of annual Certifications of Tenant Eligibility and Income Verification (and supporting documentation) collected by the Owner.
(d) The Owner shall collect and keep records for each qualified low-low income building in the Project which show for each year during Project, and submit to the Qualified Project Period the following information for each building in the Project and shall retain such records for at least six (6) years after the due date (with extensions) for filing the federal tax return for that year (provided, however, that the records for the first (1st) year of the Qualified Project Period must be retained for at least six (6) years beyond the due date (with extensions) for filing the federal income tax return for the last year of the compliance period of the building):Authority as required by this Section 4,
(i) the total number of Dwelling Units in each building (including the number of bedrooms and the size in square feet of each residential rental unit);
(ii) the percentage of Dwelling Units in each building that are Qualified Units;
(iii) the rent charged for each Dwelling Unit in the building, including any utility allowances;
(iv) the Supportive Services and Amenities, as set forth in the Application and on the Summary Page, including any amendments thereto agreed to by the Authority and the Owner. The Owner shall specify the ongoing monthly cost of each Supportive Service and Amenity, per Dwelling Unit, and, for any Supportive Services and Amenities which are not fully paid by the Owner, as applicable, the monthly cost to Qualified Tenants of each Supportive Service and Amenity available if a Qualified Tenant elects to pay for such Supportive Services or Amenities.
(v) the number of occupants in each Qualified Unit and any changes in the number of occupants in each Qualified Unit;
(vvi) the Qualified Unit vacancies in each building and information that indicates when and to whom the next available units were rented to;
(vivii) the annual income certification of each Qualified Tenant per Qualified Unit;
(viiviii) documentation to support each Qualified Tenant’s annual income certification (for example, a copy of the Qualified Tenant’s federal income tax return, Forms W-2 or verifications of income from third parties such as employers or state agencies paying unemployment compensation). Tenant income is to be calculated in a manner consistent with the determination of annual income under Section 8 of the United States Housing Act of 1937 (“Section 8”) and not in accordance with the determination of gross income for federal income tax liability. In the case of a tenant receiving housing assistance payments under Section 8, the documentation requirement of this subsection 4(d)(vii) is satisfied if the public housing authority provides a statement to the Owner declaring that the tenant’s income does not exceed the applicable income limit under Code Section 42(g);receiving
(viiiix) the eligible basis and the Qualified Basis of each building at the end of the first year of the Qualified Project Affordability Period; and
(ixx) the character and use of the nonresidential portion of each building included in the eligible basis of the building under Section 42(d) of the Code (e.g., tenant facilities that are available on a comparable basis to all tenants and for which no separate fee is charged for use of the facilities or facilities reasonably required by the Project);
(e) The Authority Throughout the Affordability Period, the Authority, or its designated agent, shall have the right to perform on-site inspections of the Project throughout (including each building in the Qualified Project Periodand each unit in each building), in any manner determined by the Authority, including, but not limited to, onsite inspections and virtual inspections.
(f) The form of lease to be used by the Owner in renting any units Dwelling Units in the Project to Qualified Tenants shall provide for termination of the lease and consent by such person to immediate eviction proceedings in accordance with state law for failure to qualify as meet the requirements of a Qualified Tenant, as applicable, as a result of any material misrepresentation made by such person with respect to his or her income, the failure to provide supporting income verification or failure by such person to annually update the Certification of Tenant Eligibility and Income Verification.
(g) To permit any duly authorized representative of the Authority, the Department of the Treasury or the IRS to inspect the books and records of the Owner pertaining to the incomes of the Qualified Tenants residing in the Project, including, but not limited to, each tenant file.
(h) Throughout the Qualified Project Affordability Period, to target rents, to comply with targeted rent levels and to comply all other conditions of targeting as set forth on the Summary Page hereof.
Appears in 2 contracts
Samples: Land Use Restriction Agreement, Land Use Restriction Agreement for Low Income Housing Tax Credits
Occupancy Restrictions. For the purpose of satisfying the requirements of Section 42 of the Code, at least for the Qualified Project Period, the Owner hereby represents, covenants and agrees as follows:
(a) Throughout throughout the Qualified Project Period (excluding Dwelling Units not previously occupied), at least the Applicable Set-Aside Percentage of the completed Dwelling Units in the Project shall be both a Rent Restricted Unit and occupied solely by Qualified Tenants, prior to the satisfaction of which no additional units shall be rented or leased to any other tenants after initial rental occupancy of Dwelling Units by Qualified Tenants, as required by Section 42 of the Code. For purposes of satisfying the requirement that not less than the Applicable Set-Aside Percentage of the Dwelling Units be occupied by Qualified Tenants, no Qualified Tenant shall be denied continued occupancy because, after admission, the Qualified Tenant’s family income exceeds the applicable qualifying income level set forth in the definition of “Qualified Tenant” herein. The Owner shall at all times during the Qualified Project Period maintain the percentage requirements of this Agreement by providing the next available unit units of comparable or smaller size to Qualified Tenants as needed to achieve compliance with the foregoing requirements. If necessary, the Owner shall refrain from renting Dwelling Units in the Project to persons other than Qualified Tenants in order to avoid violating the requirement that at all times during the Qualified Project Period at least the Applicable Set-Aside Percentage of the completed Dwelling Units in the Project shall be both a Rent Restricted Unit and occupied by Qualified Tenants.;
(b) To to obtain and maintain on file for from each Qualified Tenant residing at in the Project (which shall be obtained and updated each year during occupancy by such tenant), a copy of such tenant’s executed Certification of Tenant Eligibility and Income Verification (attached hereto as Exhibit B or in such other form and manner as may be required by the applicable rules, regulations or policies now or hereafter promulgated by the Authority, the Department of the Treasury or the Internal Revenue Service (the “IRS”)), as well as supporting documentation, which is subject to independent investigation and verification by the Authority and which shall be submitted to the Authority as set forth in (c) below.;
(c) The the Owner will immediately notify the Authority if at any time any of the Dwelling Units in the Project are not occupied or available for occupancy as provided above, and the Owner will prepare and submit to the Authority, no not later than January 15 of each year following the first year of the Qualified Project Periodcredit period, a Certificate of Continuing Program Compliance (the form of which is attached hereto as Exhibit C) and an Annual Tax Credit Summary Report (the form of which is attached hereto as Exhibit D), both executed by the Owner stating the number of Dwelling Units in of the Project which, as of the first date of each calendar year, were occupied by Qualified Tenants (or were deemed to be occupied by Qualified Tenants as provided in subparagraph (a) above for all or part of such period), together with copies of annual Certifications of Tenant Eligibility and Income Verification (and supporting documentation) collected by the Owner.;
(d) The the Owner shall collect and keep records for each qualified low-income building in the Project which that show for each year during the Qualified Project Period the following information for each building in the Project and shall retain such records for at least six (6) years after the due date (with extensions) for filing the federal tax return for that year (provided, however, that the records for the first (1st) year of the Qualified Project Period must be retained for at least six (6) years beyond the due date (with extensions) for filing the federal income tax return for the last year of the compliance period of the building):
(i) the total number of Dwelling Units residential rental units in each the building (including the number of bedrooms and the size in square feet of each residential rental unit);
(ii) the percentage of Dwelling Units residential rental units in each the building that are Qualified Units;
(iii) the rent charged for on each Dwelling Unit residential rental unit in the building, including any utility allowances;
(iv) the number of occupants in each Qualified Unit and any changes in the number of occupants in each Qualified Unit;
(v) the Qualified Unit vacancies in each the building and information that indicates when and to whom the next available units were rented torented;
(vi) the annual income certification of each Qualified Tenant per Qualified Unit;
(vii) documentation to support each Qualified Tenant’s annual income certification (for example, a copy of the Qualified Tenant’s federal income tax return, Forms W-2 or verifications of income from third parties such as employers or state agencies paying unemployment compensation). Tenant income is to be calculated in a manner consistent with the determination of annual income under Section 8 of the United States Housing Act of 1937 (“Section 8”) and not in accordance with the determination of gross income for federal income tax liability. In the case of a tenant receiving housing assistance payments under Section 8, the documentation requirement of this subsection 4(d)(vii) is satisfied if the public housing authority provides a statement to the Owner declaring that the tenant’s income does not exceed the applicable income limit under Code Section 42(g);
(viii) the eligible basis and the Qualified Basis of each the building at the end of the first year of the Qualified Project Period; and
(ix) the character and use of the nonresidential portion of each the building included in the eligible basis of the building under Section 42(d) of the Code (e.g., tenant facilities that are available on a comparable basis to all tenants and for which no separate fee is charged for use of the facilities or facilities reasonably required by the Projectproject);
(e) The that the Authority shall have the right to perform an on-site inspections inspection of the Project throughout the Qualified Project Period., in addition to the requirement that the Owner submit to the Authority each year information on tenant income, supporting documentation and rent for each low-income unit as designated above;
(f) The the form of lease to be used by the Owner in renting any units in the Project to Qualified Tenants shall provide for termination of the lease and consent by such person to immediate eviction proceedings in accordance with state law for failure to qualify as a Qualified Tenant, as applicable, as a result of any material misrepresentation made by such person with respect to his or her income, the failure to provide supporting income verification or failure by such person to annually update the Certification of Tenant Eligibility and Income Verification.;
(g) To to permit any duly authorized representative of the Authority, the Department of the Treasury or the IRS to inspect the books and records of the Owner pertaining to the incomes of the Qualified Tenants residing in the Project.; and
(h) Throughout throughout the Qualified Project Period, to target rents, to comply with targeted rent levels and to comply all other conditions of targeting as set forth on the Summary Page hereof.
Appears in 2 contracts
Samples: Land Use Restriction Agreement for Low Income Housing Tax Credits, Land Use Restriction Agreement for Low Income Housing Tax Credits
Occupancy Restrictions. For the purpose of satisfying the requirements of Section 42 of the Code, at least for the Qualified Project Period, the Owner hereby represents, covenants and agrees as follows:
(a) Throughout throughout the Qualified Project Period (excluding Dwelling Units not previously occupied), at least the Applicable Set-Aside Percentage of the completed Dwelling Units in the Project shall be both a Rent Restricted Unit and occupied solely by Qualified Tenants, prior to the satisfaction of which no additional units shall be rented or leased to any other tenants after initial rental occupancy of Dwelling Units by Qualified Tenants, as required by Section 42 of the Code. For purposes of satisfying the requirement that not less than the Applicable Set-Aside Percentage of the Dwelling Units be occupied by Qualified Tenants, no Qualified Tenant shall be denied continued occupancy because, after admission, the Qualified Tenant’s family income exceeds the applicable qualifying income level set forth in the definition of “Qualified Tenant” herein. The Owner shall at all times during the Qualified Project Period maintain the percentage requirements of this Agreement by providing the next available unit units of comparable or smaller size to Qualified Tenants as needed to achieve compliance with the foregoing requirements. If necessary, the Owner shall refrain from renting Dwelling Units in the Project to persons other than Qualified Tenants in order to avoid violating the requirement that at all times during the Qualified Project Period at least the Applicable Set-Aside Percentage of the completed Dwelling Units in the Project shall be both a Rent Restricted Unit and occupied by Qualified Tenants.;
(b) To to obtain and maintain on file for each Qualified Tenant residing at the Project (which shall be obtained and updated each year during occupancy by such tenant), ) a copy of such tenant’s executed Certification of Tenant Eligibility and Income Verification (attached hereto as Exhibit B or in such other form and manner as may be required by the applicable rules, regulations or policies now or hereafter promulgated by the Authority, the Department of the Treasury or the Internal Revenue Service (the “IRS”)), as well as supporting documentation, which is subject to independent investigation and verification by the Authority and which shall be submitted to the Authority as set forth in (c) below.;
(c) The the Owner will immediately notify the Authority if at any time any of the Dwelling Units in the Project are not occupied or available for occupancy as provided above, and the Owner will prepare and submit to the Authority, no not later than January 15 of each year following the first year of the Qualified Project Period, a Certificate of Continuing Program Compliance (the form of which is attached hereto as Exhibit C) and an Annual Tax Credit Summary Report (the form of which is attached hereto as Exhibit D), both executed by the Owner stating the number of Dwelling Units in of the Project which, as of the first date of each calendar year, were occupied by Qualified Tenants (or were deemed to be occupied by Qualified Tenants as provided in subparagraph (a) above for all or part of such period), together with copies of annual Certifications of Tenant Eligibility and Income Verification (and supporting documentation) collected by the Owner.;
(d) The the Owner shall collect and keep records for each qualified low-income building in the Project which show that shows for each year during the Qualified Project Period the following information for each building in the Project and shall retain such records for at least six (6) years after the due date (with extensions) for filing the federal tax return for that year (provided, however, that the records for the first (1st) year of the Qualified Project Period must be retained for at least six (6) years beyond the due date (with extensions) for filing the federal income tax return for the last year of the compliance period of the building):
(i) the total number of Dwelling Units in each building (including the number of bedrooms and the size in square feet of each residential rental unit);
(ii) the percentage of Dwelling Units in each building that are Qualified Units;
(iii) the rent charged for each Dwelling Unit in the building, including any utility allowances;
(iv) the number of occupants in each Qualified Unit and any changes in the number of occupants in each Qualified Unit;
(v) the Qualified Unit vacancies in each building and information that indicates when and to whom the next available units were rented to;
(vi) the annual income certification of each Qualified Tenant per Qualified Unit;
(vii) documentation to support each Qualified Tenant’s annual income certification (for example, a copy of the Qualified Tenant’s federal income tax return, Forms W-2 W-2, or verifications of income from third parties such as employers or state agencies paying unemployment compensation). Tenant income is to be calculated in a manner consistent with the determination of annual income under Section 8 of the United States Housing Act of 1937 (“Section 8”) ), and not in accordance with the determination of gross income for federal income tax liability. In the case of a tenant receiving housing assistance payments under Section 8, the documentation requirement of this subsection 4(d)(vii) is satisfied if the public housing authority provides a statement to the Owner declaring that the tenant’s income does not exceed the applicable income limit under Code Section 42(g);
(viii) the eligible basis and the Qualified Basis of each building at the end of the first year of the Qualified Project Period; and
(ix) the character and use of the nonresidential non-residential portion of each building included in the eligible basis of the building under Section 42(d) of the Code (e.g., tenant facilities that are available on a comparable basis to all tenants and for which no separate fee is charged for use of the facilities facilities, or facilities reasonably required by the Project);.
(e) The Authority shall have the right to perform an on-site inspections inspection of the Project throughout the Qualified Project Period.
(f) The the form of lease to be used by the Owner in renting any units in the Project to Qualified Tenants shall provide for termination of the lease and consent by such person to immediate eviction proceedings in accordance with state law for failure to qualify as a Qualified Tenant, as applicable, as a result of any material misrepresentation made by such person with respect to his or her income, the failure to provide supporting income verification or failure by such person to annually update the Certification of Tenant Eligibility and Income Verification.;
(g) To to permit any duly authorized representative of the Authority, the Department of the Treasury or the IRS to inspect the books and records of the Owner pertaining to the incomes of the Qualified Tenants residing in the Project.; and
(h) Throughout throughout the Qualified Project Period, to target rents, to comply with targeted rent levels levels, and to comply all other conditions of targeting as set forth on the Summary Page hereof.
Appears in 1 contract
Samples: Land Use Restriction Agreement
Occupancy Restrictions. For the purpose of satisfying the requirements of Section 42 of the Code, at least for the Qualified Project Period, the Owner hereby represents, covenants and agrees as follows:
(a) Throughout the Qualified Project Period (excluding Dwelling Units not previously occupied), at least the Applicable Set-Aside Percentage of the completed Dwelling Units in the Project shall be both a Rent Restricted Unit and occupied solely by Qualified Tenants, prior to the satisfaction of which no additional units shall be rented or leased to any other tenants after initial rental occupancy of Dwelling Units by Qualified Tenants, as required by Section 42 of the Code. For purposes of satisfying the requirement that not less than the Applicable Set-Aside Percentage of the Dwelling Units be occupied by Qualified Tenants, no Qualified Tenant shall be denied continued occupancy because, after admission, the Qualified Tenant’s family income exceeds the applicable qualifying income level set forth in the definition of “Qualified Tenant” herein. The Owner shall at all times during the Qualified Project Period maintain the percentage requirements of this Agreement by providing the next available unit of comparable or smaller size to Qualified Tenants as needed to achieve compliance with the foregoing requirements. If necessary, the Owner shall refrain from renting Dwelling Units in the Project to persons other than Qualified Tenants in order to avoid violating the requirement that at all times during the Qualified Project Period at least the Applicable Set-Aside Percentage of the completed Dwelling Units in the Project shall be both a Rent Restricted Unit and occupied by Qualified Tenants.
(b) To obtain and maintain on file for each Qualified Tenant residing at the Project (which shall be obtained and updated each year during occupancy by such tenant), ) a copy of such tenant’s executed Certification of Tenant Eligibility and Income Verification (attached hereto as Exhibit B or in such other form and manner as may be required by the applicable rules, regulations or policies now or hereafter promulgated by the Authority, the Department of the Treasury or the Internal Revenue Service (the “IRS”)), as well as supporting documentation, which is subject to independent investigation and verification by the Authority and which shall be submitted to the Authority as set forth in (c) below.
(c) The Owner will immediately notify the Authority if at any time any of the Dwelling Units in the Project are not occupied or available for occupancy as provided above, and the Owner will prepare and submit to the Authority, no later than January 15 of each year following the first year of the Qualified Project Period, a Certificate of Continuing Program Compliance (the form of which is attached hereto as Exhibit C) and an Annual Tax Credit Summary Report (the form of which is attached hereto as Exhibit D), both executed by the Owner stating the number of Dwelling Units in the Project which, as of the first date of each calendar year, were occupied by Qualified Tenants (or were deemed to be occupied by Qualified Tenants as provided in subparagraph (a) above for all or part of such period), together with copies of annual Certifications of Tenant Eligibility and Income Verification (and supporting documentation) collected by the Owner.
(d) The Owner shall collect and keep records for each qualified low-income building in the Project which show for each year during the Qualified Project Period the following information for each building in the Project and shall retain such records for at least six (6) years after the due date (with extensions) for filing the federal tax return for that year (provided, however, that the records for the first (1st) year of the Qualified Project Period must be retained for at least six (6) years beyond the due date (with extensions) for filing the federal income tax return for the last year of the compliance period of the building):
(i) the total number of Dwelling Units in each building (including the number of bedrooms and the size in square feet of each residential rental unit);
(ii) the percentage of Dwelling Units in each building that are Qualified Units;
(iii) the rent charged for each Dwelling Unit in the building, including any utility allowances;
(iv) the number of occupants in each Qualified Unit and any changes in the number of occupants in each Qualified Unit;
(v) the Qualified Unit vacancies in each building and information that indicates when and to whom the next available units were rented to;
(vi) the annual income certification of each Qualified Tenant per Qualified Unit;
(vii) documentation to support each Qualified Tenant’s annual income certification (for example, a copy of the Qualified Tenant’s federal income tax return, Forms W-2 W-2, or verifications of income from third parties such as employers or state agencies paying unemployment compensation). Tenant income is to be calculated in a manner consistent with the determination of annual income under Section 8 of the United States Housing Act of 1937 (“Section 8”) ), and not in accordance with the determination of gross income for federal income tax liability. In the case of a tenant receiving housing assistance payments under Section 8, the documentation requirement of this subsection 4(d)(vii) is satisfied if the public housing authority provides a statement to the Owner declaring that the tenant’s income does not exceed the applicable income limit under Code Section 42(g);
(viii) the eligible basis and the Qualified Basis of each building at the end of the first year of the Qualified Project Period; and
(ix) the character and use of the nonresidential non-residential portion of each building included in the eligible basis of the building under Section 42(d) of the Code (e.g., tenant facilities that are available on a comparable basis to all tenants and for which no separate fee is charged for use of the facilities facilities, or facilities reasonably required by the Project);.
(e) The Authority shall have the right to perform on-site inspections of the Project throughout the Qualified Project Period.
(f) The form of lease to be used by the Owner in renting any units in the Project to Qualified Tenants shall provide for termination of the lease and consent by such person to immediate eviction proceedings in accordance with state law for failure to qualify as a Qualified Tenant, as applicable, as a result of any material misrepresentation made by such person with respect to his or her income, the failure to provide supporting income verification or failure by such person to annually update the Certification of Tenant Eligibility and Income Verification.
(g) To permit any duly authorized representative of the Authority, the Department of the Treasury or the IRS to inspect the books and records of the Owner pertaining to the incomes of the Qualified Tenants residing in the Project.
(h) Throughout the Qualified Project Period, to target rents, to comply with targeted rent levels levels, and to comply all other conditions of targeting as set forth on the Summary Page hereof.
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Samples: Land Use Restriction Agreement for Low Income Housing Tax Credits
