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4 <br /> <br />D. Compliance Requirements <br /> <br />Recipients of NOAH GROW funding must comply with the following ongoing requirements. <br /> <br />1. Resident Eligibility: <br />a. All existing tenants at the time of application for NOAH GROW funds are <br />considered eligible residents. Existing tenants in good standing with their current <br />lease may not be displaced as a result of receiving NOAH GROW funds. <br /> <br />b. New tenant household income must not exceed 70% of Area Median Income, <br />adjusted for household size, as reported on the most recent required Federal tax <br />return for all adult household members. Adult household members not required <br />to file Federal income tax returns may provide alternative documentation of <br />income (such as their most recent Social Security statement, etc.) <br /> <br />c. Households receiving rental assistance vouchers are deemed eligible residents <br />without providing further income documentation. <br /> <br />d. A rent roll shall be provided at the time of application and annually to <br />demonstrate resident and rent limit eligibility, with supporting income <br />documentation for new lease-ups. <br /> <br />2. Rent Eligibility: Units designated as affordable for the purpose of securing the NOAH <br />GROW funds must continue to provide rent levels at or below their designated <br />affordability level, in accordance with the Fund application and Declaration. <br /> <br />3. Annual Rent Increase Limits for Existing Residents: Where the designated HUD/MTSP <br />rent level by bedroom size for a NOAH GROW unit would allow for an annual increase <br />greater than 6%, annual contract rent increases for existing residents cannot exceed <br />6%. NOAH GROW Units are not required to charge the maximum rent allowed and are <br />encouraged to charge lower rents where financially feasible. Rents for units receiving <br />rental assistance are not subject to this annual rent increase limit, as long as the rent <br />level for the rent-assisted units remains under the applicable rental assistance payment <br />standard. <br /> <br />Where total actual operating expenses have been significantly higher than projected, the <br />Fund recipient may submit a request to the CDA for an annual rent higher than allowed <br />under this paragraph. This request shall be submitted at least 90 days prior to the <br />proposed implementation date of such annual rent increase and shall be subject to CDA <br />review and approval in its sole discretion. Without prior CDA approval, all rent increases <br />shall be subject to the limitations stated above for existing residents. <br /> <br />4. Acceptance of Rental Vouchers: NOAH GROW Fund recipients will be required to <br />participate in the Section 8 Housing Choice Voucher and other applicable rental voucher <br />programs for the duration of the affordability period. Participation means that recipients <br />will not exclude qualified households who are receiving tenant-based rental assistance <br />through the Section 8 Housing Choice Voucher and other applicable rental voucher <br />programs. <br /> <br /> <br />