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06/07/2010 Council Packet
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06/07/2010 Council Packet
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3/26/2014 1:40:32 PM
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City Council
Council Document Type
Council Packet
Meeting Date
06/07/2010
Council Meeting Type
Work Session Regular
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VIII. NON - COMPLIANCE AND CORRECTION PERIOD. <br />A. Noncompliance Notification. The MHFA will promptly provide written notice <br />(the "Noncompliance Notification ") to the Owner if the MHFA does not receive the <br />certification and supporting documentation required pursuant to Section VIII, B or does not <br />receive or is not permitted to inspect the tenant certifications, supporting documentation and <br />rent records or discovers by inspection, review or in some other manner, that the Project is <br />not in compliance with the provisions of this Restriction. <br />B. Correction Period. In the event the Owner receives a Noncompliance <br />Notification as described above, the Owner shall have a period of time not to exceed 90 <br />days from the date of the Noncompliance Notification during which the Owner must supply <br />any missing certifications and bring the Project into compliance with this Restriction (the <br />"Correction Period "). The MHFA may extend the Correction Period for up to six (6) <br />months but only if the MHFA determines there is good cause for granting the extension. <br />IX. TERM OF RESTRICTION. The term of this Agreement shall be effective as of <br />December 28, 1994 and shall terminate at the end of the term of the extended use <br />agreement to be entered into by the Owner and the MHFA pursuant to Section 42(h)(6) <br />of the Internal Revenue Code of 1986, as amended. <br />X. AIY ENDMENT OF RESTRIC ELON. The parties agree that they will take all actions <br />necessary to effect amendment of this Restriction as may be necessary in order to comply <br />with the Code, any and all applicable rules, regulations, policies, procedures, rulings or other <br />official statements pertaining to the low - income housing tax credit or pertaining to the <br />implementation. of the Restriction itself. <br />C -8 <br />
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