Section 8 and Similar Subsidies. In addition to the above required deposits, any additional rental income received by the Project through the collection of rents subsidized by Section 8 Tenant Based Vouchers (or similar tenant based subsidy which is not required by the Code to be considered in the calculation of the Restricted Rent) at a level above the maximum LIHC rents affordable at the income levels set forth in the Regulatory Agreement must be placed into the Project’s Replacement Reserve Account, unless the owner certifies to DHCR that such additional income is necessary for the Project’s operating viability, requests written acknowledgement of the cessation of the deposit of such additional income to the replacement reserve account, and receives such acknowledgement from DHCR. The owner will be documenting the status of this requirement as part of the LIHC Owner’s Annual Certification for the duration of the Project’s regulatory term.
Section 8 and Similar Subsidies. In addition to the above required deposits, any additional rental income received by the Project through the collection of rents subsidized by Section 8 Tenant Based Vouchers (or similar tenant based subsidy which is not required by the Federal Statute to be considered in the calculation of the Restricted Rent) at a level above the maximum LIHC or SLIHC rents (as applicable) affordable at the income levels set forth in the Regulatory Agreement must be placed into the Project’s Replacement Reserve Account, unless Recipient certifies to DHCR that such additional income is necessary for the Project’s operating viability, requests written acknowledgement of the cessation of the deposit of such additional income to the replacement reserve account, and receives such acknowledgement from DHCR. Recipient shall document the status of this requirement as part of the LIHC Owner’s Annual Certification for the duration of the Project’s regulatory term.
Section 8 and Similar Subsidies. In addition to the above required deposits, any additional rental income received by the Project through the collection of rents subsidized by Section 8 Tenant Based Vouchers (or similar tenant based subsidy which is not required by the Code to be considered in the calculation of the Restricted Rent) at a level above the maximum LIHTC rents affordable at the income levels set forth in the Regulatory Agreement, must be placed into the Project’s Replacement Reserve Account, unless the owner certifies to DHCR that such additional income is necessary for the Project’s operating viability, requests written consent of the cessation of the deposit of such additional income to the replacement reserve account, and receives such consent from DHCR. Project Recipient must document the status of this requirement in the LIHTC Owner’s Annual Certification during the Term of the Agreement. [In addition to the above required reserve deposits, any additional rental income received by the Project through the collection of rents subsidized by Section 8 Tenant Based Vouchers (or similar tenant based subsidy which is not required by the Code to be considered in the calculation of the Restricted Rent), at a level above the maximum LIHTC rents affordable at the income levels set forth in the Regulatory Agreement, must be placed into the NYC Housing Preservation and Development Social Service Reserve account for the Project (“Social Service Reserve”) unless, at any time during the term of this Agreement, the owner (i) certifies to DHCR that such additional income is necessary for the Project’s operating viability, (ii) requests written consent to use such additional rental income for designated purposes, and (iii) receives consent from DHCR to use such additional rental income in accordance with the terms of said consent. The Recipient must document compliance with this requirement as part of the LITHC Owner’s Annual Certification during the term of this Agreement.]
Section 8 and Similar Subsidies. In addition to the above required deposits, any additional rental income received by the Project through the collection of rents subsidized by Section 8 Tenant Based Vouchers (or similar tenant based subsidy which is not required by the Code to be considered in the calculation of the Restricted Rent) at a level above the maximum SLIHC rents affordable at the income levels set forth in the Regulatory Agreement, must be placed into the Project’s Replacement Reserve Account, unless the owner certifies to DHCR that such additional income is necessary for the Project’s operating viability, requests written consent of the cessation of the deposit of such additional income to the replacement reserve account, and receives such consent from DHCR. Project Recipient must document the status of this requirement in the SLIHC Owner’s Annual Certification during the Term of the Agreement.
