RecDoc 2024-043618 Affordable Housing Restrictive Agreement

Browse Search

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 minimum of the three (3) most current pay stubs; (b) obtain an income tax return for the most recent tax year; (c) conduct a credit agency check or similar search; (d) obtain the three (3) most current savings and checking account bank statements; (e) obtain an income verification form from the applicant's current employer; (i) 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; or (g) if the applicant is 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. Section 3.2 Reporting and Audits. The Owner shall submit to the City, not later than the sixtieth (60th) day after the close of each calendar year, a compliance report, in a form approved by the City, summarizing the income information of each Resident and occupancy status of each Affordable Unit. In addition, the City or any designated agent or employee of the City at any time shall be entitled to audit all Owner's books, records (including tenant files), and accounts pertaining solely to the Affordable Units. Such audit shall be conducted during normal business hours, upon at least two (2) business days prior written notice, at the principal place of business of Owner and other places where records are kept. Section 3.3 Additional Information. Within fifteen (15) days after receipt of a written request, Owner shall provide any additional information reasonably requested by the City relating solely to the Affordable Units. The City shall have the right to examine and make copies of all books, records or other documents of Owner which pertain to the Affordable Units. The City shall notify Owner of any records it deems insufficient. Owner shall have thirty (30) 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 the Owner shall begin to correct the deficiency within thirty (30) days and correct the deficiency as soon as possible. Section 3.4 Records. Owner shall maintain complete, accurate and current records, books and accounts pertaining to Affordable Project, and shall permit any duly authorized representative of the City to inspect records, including but not limited to records pertaining to income and household size of Residents of Affordable Units. All Resident lists, applications and waiting lists relating to the Affordable Units shall at all times be kept separate and identifiable from any other business of Owner and shall be maintained as required by the City, in a reasonable condition for proper audit and subject to examination during business hours upon at least two (2) business days prior written notice by representatives of the City. Owner shall retain copies of all materials obtained or produced with respect to occupancy of the Affordable Units for a period of at least five (5) years. The City shall notify Owner of any records it deems insufficient. Owner shall have thirty (30) 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 begin to correct the deficiency within thirty (30) day and correct the deficiency as soon as reasonably possible. Section 3.5 On-site Inspection. The City shall have the right to perform an on-site inspection of Affordable Project at least one (1) time per year upon forty-eight hours (48) prior REV: 07-12-24 VR 1199\10\3491196.8