Laserfiche WebLink
6. 1. D. - Page 26 <br />Section 2.03 Compliance with Rental Affordability Covenants <br />In order to ensure compliance with this Article, each of the following shall occur: <br />(a) Declarant and its successors shall ensure that each lessee <br />occupying an Affordable Unit on the Property executes under penalty of perjury an <br />income verification and information form ( "Income Verification and Information Form "), <br />in a form reasonably acceptable to the City, certifying the lessee's income. Affordable <br />Units shall be leased only to Qualified Lessees. <br />(b) Declarant and its successors shall obtain a copy of the federal <br />income tax return for each lessee occupying an Affordable Unit for the taxable year <br />immediately preceding such lessee's initial occupancy in the Project or, if a lessee <br />occupying an Affordable Unit certifies that he or she did not file or did not retain a copy <br />of such tax return, or other satisfactory evidence of income for such year, such as wage <br />statements or employer records. <br />(c) Annually, Declarant and its successors shall provide to the City <br />copies of said executed Income Verification and Information Forms with respect to each <br />lessee occupying an Affordable Unit along with a summary for the applicable year <br />signed by Declarant or its successor, certifying compliance with the provisions of this <br />Declaration under penalty of perjury. <br />(d) To certify the compliance of Declarant or its successor with these <br />provisions, the City shall have a right to inspect the books and records pertaining to <br />such matters of the then owner(s) or operator(s) of the Property. <br />Section 2.04 Occupancy Report <br />Bi- annually on every June 30 and December 31 of every year of the Rental <br />Affordability Covenants Term, Declarant shall submit an Occupancy Report. The form <br />of the Occupancy Report shall be in the discretion of Declarant, so long as the <br />Occupancy Report contains, at a minimum, the following items: <br />i) Total number of units of the Project that are occupied; <br />ii) Total number of units of the Project that are vacant; <br />iii) Total number of Affordable Units that are occupied; and <br />iv) Total number of Affordable Units that are vacant. <br />REDW\0001 \DOC \022 -4. DOC <br />6/3/09 1200 HvT <br />4 <br />