RecDoc 2022-011753- Regulatory Agreement

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(b) The provisions of this Section shall run with the land and survive termination of this Agreement. 4.4 Section 8 Certificate Holders. The Owner will accept as residents, on the same basis as all other prospective residents, persons who are recipients of federal certificates or vouchers for rent subsidies pursuant to the existing housing program under Section 8 of the United States Housing Act, or its successor. The Owner shall not apply selection criteria to Section 8 certificate or voucher holders that are more burdensome than criteria applied to all other prospective residents, nor shall the Owner apply or permit the application of management policies or lease provisions with respect to the Project, which have the effect of precluding occupancy of units by such prospective Residents. 4.5 Priority to Development Displacees. To the maximum extent permitted by law and provided that the applicants meet standard applicant screening standards for the Project, Owner shall give a priority in the rental of any Units to eligible households displaced as a result of the Development. 4.6 Resident Services. Owner shall spend no less than Twenty -Five Thousand Dollars ($25,000) each year on services for residents, as such, amount is increased each year by the increase in the Consumer Price Index. ARTICLE 5. PROPERTY MANAGEMENT AND MAINTENANCE 5.1 Management Responsibilities. The Owner is responsible for all management functions with respect to the Project, including without limitation the selection of residents, certification and recertification of household size and income, evictions, collection of rents and deposits, maintenance, landscaping, routine and extraordinary repairs, replacement of capital items, and security. The City shall have no responsibility over management of the Project. The Owner shall retain a professional property management company, approved by the City in its reasonable discretion, to perform its management duties hereunder. A resident manager shall also be required. The Owner shall submit to the City for approval an initial proposed "Management Plan" no later than six (6) months after the commencement of construction of the Project, which Management Plan shall include, but not be limited to, details on how Owner plans to market the Units to prospective applicants in accordance with fair housing law and this Agreement, Owner's tenant selection criteria and how Owner plans to certify the eligibility of applicants. The Management Plan shall also describe the management team and shall address how the Owner and the Management Agent plan to manage and maintain the Property and the Project. The Management Plan shall include the proposed management agreement and the form of rental agreement that the Owner proposes to enter into with Residents. The City shall approve or disapprove (with written explanation for disapproval) of the proposed Management Plan by notifying the Owner in writing within sixty (60) days of the date of submission to the City. Owner shall abide by the approved Management Plan in marketing, managing, and maintaining the Property and the Project throughout the term of this Agreement and shall submit proposed modifications to the City for review and approval. In addition to the foregoing, the Management Plan shall address the following: REV: 01-19-2022 SK ATTY/AGR.2022.005/GS HIP 1304 ECR, LP (Page 11 of 23)