CHFA LOAN CLOSING - Laserfiche WebLink

income to exceed one hundred forty percent (140 %) of the applicable income limit, the Borrower shall ensure that the percentage requirements of this Section shall continue to be met by providing the next available unit or units to Qualified Tenants or by taking other actions to satisfy the percentage requirements of this Section. In determining whether such percentage requirements have been achieved, such requirements shall be complied with on June 30 of each year after any dwelling units in the Development are occupied. (b) On a form approved by the Agency, the Borrower shall obtain a certification of income from each prospective tenant of a dwelling unit designated for rental by a Qualified Tenant prior to admission to the Development. A certification shall also be obtained from each tenants of a dwelling unit designated for rental by a Qualified Tenant on or about June 30 of each year. Copies of such certifications shall be sent to the Agency, shall be retained in the Borrower's files for a period of three (3) years and shall be available for inspection by the Agency or its agents upon request. On or before August 15th of each year the Borrower shall file with the Agency a report on a form approved by the Agency specifying the total number of dwelling units in the Development and the number of units occupied by Qualified Tenants as of June 30th of such year. 5. Agency Financing and Rental Requirements. In addition to the requirements of paragraphs 3 and 4, the Borrower covenants that: (a) Unless otherwise approved by the Agency, rental charges to Qualified Tenants shall include all utilities except telephone; provided however, that where the Agency approves direct payment of utilities (in addition to telephone) by such tenants, such rental charges shall be calculated as if the estimated expense of such utilities were to be paid by the Borrower, but the amounts actually collected from such tenants shall be decreased by the estimated expense of such utilities approved by the Agency. (b) The Borrower shall require every tenant in the Development to execute a lease in a form prescribed cr approved by the Agency and shall not lease any dwelling unit in the Development for less than thirty (30) days nor more than two (2) years. The form of lease shall provide for tenant grievance and eviction procedures conforming to California law and Agency policies and procedures. (c) The Borrower shall not discriminate against tenants or applicants who are recipients of federal rent subsidies pursuant to Section 8 of the United States Housing Act of 1937, as amended, or any successor subsidy program. CHFA 53SLP /RIDGEVIEW 12/2/88 V01517(DNB) -6-