SR 05:219 - Laserfiche WebLink

pursuant to this Section 2.4, the amount of funds available from the Affordability Reserye shall be in an amount sufficient to fund the difference between the market rate and Affordable Charges for such Unit for forty-eight (48) months. At the end of the Term, any funds remaining in the Affordability Reserye shall be retumed to the City_ Developer shall include information regarding the use and the amount of the Affordability Reserve in its annual audited financial reports delivered to City in accordance with Section 3.2. 2.5 Charges to other Residents. For all Residents not occupying a Very Low Income Unit, Low Income Unit or Memory Impaired Bed, the Developer shall, in its sole discretion, set the charges made to Residents for rent and seryices, 2.6 Changes to Affordabilitv Levels. The City Manager is authorized to execute one or more amendments to this Agreement regarding the occupancy and affordability requirements contained in this Article 2 in the event the Developer and City Manager agree such amendments would be beneficial to the Project. ARTICLE 3 INCOME CERT1FICATION AND REPORTING 3.1 Income Certification. Developer will obtain, complete and maintain on file, immediately prior to initial occupancy, income certifications for the Residents of the Extremely Low Income Units, Very Low Income Unit and the Very Low Income Memory Impaired Bed. Developer shall make a good faith effort to verify that the information provided by an applicant or occupying household in an income certification is accurate by taking two or more of the following steps as a part of the verification process: (a) obtain a pay stub for the most recent pay period; (b) obtain an income tax return for the most recent tax year; (c) conduct a credit agency or similar search; (d) obtain an income verification form from the applicant's current employer; (e) obtain an income verification form from the Social Security Administration and/or the California Department of Social Services if the applicant receives assistance from either of such agencies; (f) if the applicant is unemployed and has no such tax return, obtain another form of independent verification; or (g) obtain three (3) months of bank statements, Developer shall also verify real estate assets, as necessary to properly calculate Adjusted Income. Copies of Resident income certifications shall be available to City upon request, 3_2 Annual Report, Within one hundred eighty (180) days of the end of each fiscal year, Developer shall provide the City with (a) an audited financial statement for the Project for the previous year, (b) a copy of the current Project management plan, and (c) the most recent annual operating budget for the Project. 3.3 Records and Information_ Upon request, the Developer shall permit the City to inspect at reasonable times and on a confidential basis those books, records and all other documents ofthe Developer necessary to determine Developer's compliance with the terms of this Agreement. The Developer also has the right at all reasonable times to inspect the books, records and all other documentation of the City pertaining to its obligations under this Agreement. 144\105\159081.11 7