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200109053 (e) at all times during the Qualified Project Period (Bonds), to maintain the Dwelling Units in the Project not required to be occupied by Low Income Tenants or Qualified LIHTC Tenants for occupancy by Moderate Income Tenants; (f) the Borrower will obtain, complete and maintain on file Income Certifications from each Low Income Tenant, Qualified LIHTC Tenant and Moderate Income Tenant residing in the Project, including (i) an Income Certification dated immediately prior to the initial occupancy of such Low Income Tenant, Qualified LIHTC Tenant or Moderate Income Tenant in the Project and (ii) thereafter, with respect to such Tenants, annual Income Certifications (obtained and updated each year during occupancy by such Tenants), each of which must be filed with the Issuer in accordance with this Regulatory Agreement. The Borrower will obtain such additional information as may be required in the future by the Issuer and by Sections 42 and 142(d) of the Code, as the same may be amended from time to time, or in such other form and manner as may be required by applicable rules, rulings, policies, procedures, Regulations or other official statements now or hereafter promulgated, proposed or made by the Department of the Treasury or the Internal Revenue Service with respect to Section 42 of the Code or obligations which are Tax - exempt under Section 142(d) of the Code. A copy of the most recent Income Certification for Tenants commencing or continuing occupation of a Dwelling Unit (and not previously filed with the Issuer) shall be attached to the Monthly Tenant Report which, beginning upon the commencement of the Qualified Project Period (Bonds) or the Qualified Project Period ( LIHTC), whichever is earlier, is to be filed with the Issuer no later than the fifteenth day of each month (or such other period and date as specified by the Issuer) until the end of the Qualified Project Period (Bonds) or the Qualified Project Period ( LIHTC), whichever is later. The Borrower shall verify that the income information provided by an applicant in an Income Certification is accurate by taking one or more of the following steps as part of the verification process: (1) obtain a pay stub for the most recent pay period, (2) obtain an income tax return for the two most recent tax years, (3) conduct a credit/income history (i.e., through TRW) or similar search or (4) contact the applicant's current employer, and any additional inquiries or documentation that the Issuer shall deem relevant or other forms of independent verification satisfactory to the Issuer; (g) the Borrower will maintain complete and accurate records pertaining to the occupancy of the Dwelling Units by Low Income Tenants, Qualified LIHTC Tenants and Moderate Income Tenants and will permit any duly authorized representative of the Issuer, the Trustee, the Department of the Treasury or the Internal Revenue Service to inspect the books and records of the Borrower pertaining to the Project, including those records pertaining to the occupancy of the Dwelling Units. The Issuer shall have the right to perform an on -site inspection of the Project throughout the Qualified Project Period (Bonds) and the Qualified Project Period ( LIHTC), in addition to the requirement that the Borrower submit to the Issuer information on tenant income, supporting documentation and rent for each Low Income Unit, Qualified LIHTC Unit and Moderate Income Unit as described herein; (h) the Borrower will prepare and submit to the Issuer and the Trustee (i) not later than January 15 of each year following the first year in which 10% of the Dwelling Units in the Project are occupied, until the end of the Qualified Project Period (Bonds), a Certificate of Continuing Program Compliance (Bonds) executed by the Borrower stating the percentage of the Dwelling Units of the Project which were occupied or deemed occupied, pursuant to paragraph (b) of this Section 4, by Low Income Tenants during such period and (ii) not later than January 15 of each year following the first year in which 10% of the units in the Project are occupied, until the end of the Qualified Project Period ( LIHTC), a Certificate of Continuing -12-