RecDoc 2019-047033 Affordable Housing Reg Agmt

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California Debt Limit Allocation Committee (CDLAC) that apply to the Project, and shall comply with all provisions of regulatory agreements recorded against the Property for the benefit of CTCAC or CDLAC. 2.8 Compliance with CDBG Requirements. Owner shall comply with all applicable laws, rules, and regulations governing the use of the CDBG Funds, including without limitation the requirements set forth in 24 C.F.R. Part 570, including without limitation, subpart K thereof, and the laws, rules, and regulations listed in Exhibit C. In the event of any conflict between this Agreement and applicable laws and regulations governing the use of the CDBG Funds, the applicable laws and regulations shall govern. 2.9 Compliance with HOME Requirements. Owner shall comply with all applicable laws, rules, and regulations governing the use of the HOME Funds, including without limitation the requirements set forth in 24 C.F.R. Part 92, as amended, and the laws, rules, and regulations listed in Exhibit C. In the event of any conflict between this Agreement and applicable laws and regulations governing the use of the HOME Funds, the applicable laws and regulations shall govern. Reporting Requirements; Annual Monitoring Fee; Records; Inspections. 3.1 Financial Accounting and Post -Completion Audit. Not more than 150 days following completion of Project rehabilitation and construction, Owner shall provide to City a certified financial accounting of all sources and uses of funds for the Project. 3.2 Tenant Certification. Owner or Owner's authorized agent shall obtain from each household prior to initial occupancy of each Restricted Unit, and on every anniversary thereafter, a written certificate containing all of the following in such format and with such supporting documentation as City may reasonably require: (i) The identity of each household member; (ii) The total household Gross Income; and (iii) The basis upon which each household qualifies as an Eligible Household. Owner shall retain such certificates for not less than five (5) years, and upon City's request, shall provide copies of such certificates to City and make the originals available for City inspection. 3.3 Monitoring Fee. Owner shall be obligated to pay to City an annual fee (the "Affordable Housing Monitoring Fee") in the amount of $162 per unit for each residential unit in the Project that is subject to the affordability restrictions set forth in this Agreement. The Affordable Housing Monitoring Fee is payable annually on the same date that the Annual Report is submitted pursuant to Section 3.4 below. If the City determines, in the exercise of its reasonable discretion, that the Project requires additional technical assistance or compliance monitoring in an amount in excess of the typical time required for comparable projects, Owner shall pay City for such additional costs at the rate of $162 per hour. City shall have the right to file a lien against the Property if the Affordable Housing Monitoring Fee is not paid when due 10 OAK #4820-8711-2085 V4 ATTY/AGR.2019.148/Redwood Oaks Associates 11 LP - Regulatory Agreement