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<br />(Ó. A~ I~ <br /> <br />. <br /> <br />Developer shall submit a proposed property manager for the Agency's approval. <br />The proposal shall include a list of other affordable housing developments with <br />tax credits and MHP funds currently managed by the property manager. Agency <br />shall have 30 days to either approve or disapprove of the manager. If the project <br />is not managed to the satisfaction of the Agency at any time during the 55-year <br />affordability covenant period, the Developer will be responsible for contracting <br />with another property manager, subject to the Agency's approval. <br /> <br />. <br /> <br />The Property Manager shall maintain an on-site property manager. <br /> <br />. <br /> <br />Developer shall construct the project consistent with the above project <br />description. <br /> <br />. <br /> <br />Developer shall be responsible for funding all development costs <br />(predevelopment, land improvements, and building improvements) beyond the <br />Agency's Development Loan and Fee Subsidy. <br /> <br />. <br /> <br />The rental units will carry 55-year affordability covenants limiting occupancy to <br />affordability levels consistent with the unit mix identified above. <br /> <br />. <br /> <br />Developer will submit annual reporting foTITIS for the Agency's review <br />demonstrating compliance with the affordability covenants. The foTITIS will be <br />provided by the Agency. Annual compliance must be demonstrated for the 55- <br />year covenant period. <br /> <br />. <br /> <br />Developer to market the units in accordance with Marketing Plan to be developed <br />by Agency staff. <br /> <br />18610.001\028-004.doc: 1/20/2005 <br /> <br />Keyser Marston Associates, Inc. <br />Page 7 <br />