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202403568 <br />(A) A representative selected by the Executive Director of the <br />Authority, which representative shall not have any interest, direct or <br />indirect, in the Project but shall have expertise in the area related to the <br />dispute (e.g., finance, construction management or property <br />management); <br />(B) A representative selected by the Owner of the Project, <br />which representative shall not have any interest, direct or indirect, in <br />the Project but shall have expertise in the area related to the dispute <br />(e.g., finance, construction management or property management) ; <br />and <br />(C) A representative from the American Arbitration <br />Association or other agreed upon, certified mediator or arbitrator <br />(moderator or voting member). <br />Under no circumstances shall the waiver process provide an <br />opportunity for the Project to deviate from the rent restrictions stated on the <br />Summary Page because of improved market conditions or for any reason <br />other than an increase in the Project's county area median income, without <br />the prior approval of the Executive Director of the Authority. <br />Section 6. Internal Revenue Service Notification. In the event the <br />Authority discovers any noncompliance of any provisions of this Agreement, the <br />Authority shall immediately give written notice to the Owner. The Owner shall have <br />sixty (60) days from the date of such notice (the "Correction Period") to correct such <br />noncompliance. Following the Correction Period, the Authority will file with the IRS <br />a copy of IRS Form 8823, explaining the nature of the noncompliance and whether <br />or not such noncompliance has been corrected. Noncompliance includes, but is not <br />limited to (a) failure to receive or failure to permit the Authority to inspect tenant <br />income certifications, supporting documentation and/or rent records, (b) upon <br />inspection, noncompliance with provisions of Section 42 of the Code, and (c) any <br />change in the applicable fraction or eligible basis of the Project that would result in <br />a decrease in the Qualified Basis. <br />The Authority is authorized and entitled to do all acts necessary to comply <br />with the monitoring and notification responsibilities set forth in Section <br />42(m)(1)(B)(iii) of the Code and any Regulations or other interpretations thereof by <br />the IRS or the courts. <br />16 <br />Final 12/21 <br />