RecDoc 2022-044661- IQHQ TRS Elco Yards,Inc.

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unemployed and has no such tax return, obtain another form of independent verification. Copies of Resident income certifications shall be available to the City upon request. 3.2 Annual Report to City. (a) The Owner shall submit to the City not later than the March 31 of each calendar year, a statistical report, including income and rent data for all Affordable Units, and a report on the status of the waiting list for Affordable Units. The Annual Report shall, at a minimum, include the following information for each Affordable Unit in the Project: (i) unit number; (ii) number of bedrooms; (iii) current rent and other charges; (iv) dates of any vacancies during the previous year; (v) number of people residing in the unit; (vi) total gross household income of residents; (vii) documentation of source of household income; (viii) lease commencement and termination dates, (ix) initial move -in date, (x) the information required by Section 3. 1, and (xi) any other information or completed forms requested by the City. 3.3 Additional Information. Within fifteen (15) days after receipt of a written request, the Owner shall provide any additional information reasonably requested by the City. The City shall have the right to examine and make copies of all books, records or other documents of the Owner which pertain to the Affordable Units. 3.4 Records. (a) The Owner shall keep and maintain at the Project, or elsewhere with the City's written consent, complete, accurate and current records pertaining to the Affordable Units, and shall permit any duly authorized representative of the City to inspect records, including records pertaining to income and household size of Residents, Rent charged Residents and affirmative marketing requirements. All Resident lists, applications and waiting lists relating to the Project shall at all times be kept separate and identifiable from any other business of the Owner and shall be maintained as required by the City, in a reasonable condition for proper audit and subject to examination during business hours by representatives of the City. The Owner shall retain copies of all materials obtained or produced with respect to occupancy of the Units for a period of at least five (5) years. (b) The City shall notify Owner of any records it deems insufficient. Owner shall have thirty (30) calendar days after the receipt of such a notice to correct any deficiency in the records specified by the City in such notice, or if a period longer than thirty (30) days is reasonably necessary to correct the deficiency, then Owner shall begin to correct the deficiency within thirty (30) days and correct the deficiency as soon as reasonably possible. 3.5 On-site inspection. The City shall have the right to perform an on-site inspection of the Project during normal business hours at least one (1) time per year upon forty-eight hours (48) prior written notice and subject to the rights of tenants under their respective leases. The Owner agrees to cooperate in such inspection. 3.6 Monitoring Fee. Owner shall be obligated to pay to City an annual Affordable Housing Monitoring Fee in the amount set forth in the City's Master Fee Schedule for each Affordable Unit. This fee is payable at initial lease -up of each Affordable Unit, upon each annual review, and upon re -occupancy of any Affordable Unit. The City will not charge an annual REV: 04-07-2022 SK ATTY/AGR.2022.066/IQHQ TRS Elco Yards, Inc. (Page 8 of 19)