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200810446
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200810446
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Last modified
12/30/2008 8:34:23 AM
Creation date
12/29/2008 4:29:36 PM
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DEEDS
Inst Number
200810446
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<br />200810446 <br /> <br />(b) to obtain and maintain on file from each Qualified Tenant residing in the <br />Project (which shall be obtained and updated each year during occupancy by such <br />tenant), a copy of such tenant's executed Certification of Tenant Eligibility and Income <br />V crification (attached hereto as Exhibit B or in such other form and manner as may be <br />required by the applicable rules, regulations or policies now or hereafter promulgated by <br />the Authority, the Department of the Treasury or the Internal Revenue Service (the <br />"IRS")), as well as supporting documentation, which is subject to independent <br />investigation and verification by the Authority and which shall be submitted to the <br />Authority as set forth in (c) below; <br /> <br />(c) the Owner will immediately notify the Authority if at any time the <br />Dwelling Units in the Project are not occupied or available for occupancy as provided <br />above, and the Owner will prepare and submit to the Authority, not later than January 15 <br />of each year following the first year of the credit period, a Certificate of Continuing <br />Program Compliance (the form of which is attached hereto as Exhibit C) and an Annual <br />Tax Credit Summary Report (the form of which is attached hereto as Exhibit D), both <br />executed by the Owner stating the number of Dwelling Units of the Project which, as of <br />the first date of each calendar year, were occupied by Qualified Tenants (or were deemed <br />to be occupied by Qualified Tenants as provided in subparagraph (a) above for all or part <br />of such period), together with copies of annual Certifications of Tenant Eligibility and <br />Income Verification (and supporting documentation) collected by the Owner; <br /> <br />(d) the Owner shall collect and keep records for each qualified low-income <br />building in the Project that show for each year during the Qualified Project Period the <br />following information for each building in the Project and retain such records for at least <br />six years after the due date (with extensions) for filing the federal tax return for that year <br />(provided, however, that the records for the first year of the Qualified Project Period must <br />be retained for at least six years beyond the due date (with extensions) for filing the <br />federal income tax return for the last year of the compliance period of the building): <br /> <br />(i) the total number of Dwelling Units in the building (including the <br />number of bedrooms and the size in square feet of each residential rental unit); <br /> <br />(ii) the percentage of Dwelling Units in the building that are Qualified <br /> <br />Units; <br /> <br />(iii) the rent charged on each Dwelling Unit in the building, including <br />any utility allowances; <br /> <br />(iv) the number of occupants in each Qualified Unit and changes in the <br />number of occupants in each Qualified Unit; <br /> <br />(v) the Qualified Unit vacancies in the building and information that <br />indicates when and to whom the next available unit was rented; <br /> <br />(vi) the annual income certification of each Qualified Tenant per <br />Qualified Unit; <br /> <br />7 <br />
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