Agenda Packets - 2017/10/09 - Laserfiche WebLink

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9.18. Compliance with Section 42. (a) Agent, property managers/supervisors and on-site office staff appointed or assigned to the Development and all site personnel shall carefully review and become familiar with all regulatory requirements promulgated under the LIHC Program. The aforementioned personnel (hereinafter referred to as "Staff) shall attend LIHC compliance training as soon as is practicable. At least once every 2 years thereafter, Staff must attend seminars, conference and/or workshops on the LIHC Program to ensure continued knowledge of and compliance with Section 42, as may be periodically amended by the Treasury Department or Internal Revenue Service (IRS). Agent shalt ensure that the Development is operated and managed in compliance with all of the foregoing; cooperate with the IRS and other governmental authorities in connection therewith; and inform Owner of any such information which may subsequently become available, which may be material to the operation and management of the Development and/or Owner's investment therein. (b) Owner will provide Agent with copies of the following documents in a timely manner: (1) MHFA LIHC Compliance Manual, (3) Section 42 rent and income tables, (4) utility allowance schedules from the appropriate utility source. Owner further agrees to provide Agent with amendments, changes, rulings and announcements to the aforementioned documents, as they occur. Agent agrees to provide copies of documents for Staff as defined in this Section 9.24. Current copies are to be maintained at the Development for the duration of the compliance period required by the LIHC Program. (c) Agent will provide MHFA with a copy of all Tenant file documentation for any and all Tenants that occupied a unit in the Development from January 1 through December 31 through the end of the compliance period as indicated in the Land Use Restriction Agreement. Such documentation will be submitted to MHFA within sixty (60) days of said December 31 date. (d) Agent will immediately report to MHFA any and all noncompliance of which it becomes aware and will take prompt action to correct any noncompliance. Section 10. Other Acts. Everything done by the Agent under the provisions of this Agreement shall be done as agent of the Owner, and all obligations or expenses incurred thereunder shall be for the account of and on behalf of the Owner. Any payments to be made by the Agent hereunder shall be made out of such sums as are available in the Operating Receipts 12 MANAGEMENT AGREEMENT