Examples of Bond Regulatory Agreement in a sentence
For projects receiving allocations after December 31, 2016, the Bond Regulatory Agreement must incorporate the CDLAC Resolution by reference and as an attachment.
The project must be in compliance with the Bond Regulatory Agreement.
Assumptions to be included in the Bond Regulatory Agreement regarding the Other Restricted Units will include the AMI as outlined in the CDLAC resolution, a limitation that tenants pay no more than 30% of their income, and 1.5 person per bedroom occupancy standard to determine the applicable rent.
For all QRRP projects receiving allocation after December 31, 2016, compliance with the income and rental requirements of the Federally Bond-Restricted Units identified in the Committee Resolution and the Bond Regulatory Agreement must be demonstrated by the Applicants initial review of 20% of all management files associated with the Federally Bond-Restricted units and subsequent review every three years of 20% of all management files associated with the Federally Bond-Restricted units.
A Bond Regulatory Agreement containing the rental and affordability restrictions will be recorded against the project property and must be complied with by subsequent owners.
The Bond Regulatory Agreement may be terminated upon expiration of restrictions or in the event of casualty loss or foreclosure, and the subsequent retirement of bonds as a result of foreclosure.
Regulatory Compliance.(a) All QRRP allocation recipients are required to execute a Bond Regulatory Agreement (the “Regulatory Agreement”), as a condition to the Committee's making an allocation, which will be recorded against the property for which the allocation is used, and will reflect all commitments outlined in exhibit A of the Committee's resolution.
Release of Performance Deposit.(a) The written authorization releasing a performance deposit or refund of deposits paid to the Committee will occur upon the Committee's receipt of a properly completed Report of Action Taken that is appropriate to the transaction type as required in section 5142, all filing fees as required in section 5054, and a digital copy of the conformed, recorded Bond Regulatory Agreement.
The Bond Regulatory Agreement will set forth federal, state and Housing Authority requirements applicable to the operation of the project and pursuant to Section 5220(c)(l) of the CDLAC Regulations must incorporate by reference and as an attachment the CDLAC resolution allocating private activity bond authority to the Housing Authority for the project.
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