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2020_0518_CCPacket
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2020_0518_CCPacket
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Roseville City Council
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Council Agenda/Packets
Meeting Date
5/18/2020
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Attachment D <br />filed by the Borrower with the Governmental Lender and the Fiscal Agent. The percentage of <br />units is measured by number of units, and not square footage of units. <br />For purposes of satisfying the occupancy requirements set forth above, a unit occupied by <br />a person or family who at the commencement of their occupancy qualified as a Low Income Tenant <br />shall be treated as occupied by a Low Income Tenant until such time as any recertification of such <br />tenantÓs income in accordance with subsections (c) and (h) below demonstrates that such tenantÓs <br />income exceeds 140% of the income limitation applicable to Low Income Tenants or the tenant <br />vacates the unit. <br />A unit occupied by a Low Income Tenant shall be deemed, upon the termination of such <br />tenantÓs occupancy, to be continuously occupied by a Low Income Tenant until reoccupied, other <br />than for a temporary period (not to exceed 60 days), at which time the character of the unit shall <br />be redetermined. <br />(b) The Borrower will notify the Governmental Lender on an annual basis of any <br />vacancy of any Low Income Units. <br />(c) The Borrower will obtain, complete, and maintain on file income certifications <br />from each Low Income Tenant, obtained immediately prior to the initial occupancy of such tenant <br />in the Project, and thereafter re-obtain in any year in which a unit in the Project is occupied by a <br />new resident whose income exceeds the applicable income limit, income certifications (based upon <br />their then current income), from each Low Income Tenant, substantially in the form of the income <br />certification set forth in the attached EXHIBIT BÎ1 for initial certifications and EXHIBIT BÎ2 for <br />recertifications or another form approved by Bond Counsel (each, an ÐIncome CertificationÑ) and <br />will provide such additional information as may be required by Section 142(d) of the Code, as the <br />same may be amended from time to time, or in such other form and manner as may be required by <br />applicable rules, rulings, policies, procedures, Treasury Regulations now or hereafter promulgated, <br />proposed or made by the Department of the Treasury or the Internal Revenue Service applicable <br />to the Note. Such Income Certification shall be obtained prior to initial occupancy. If requested <br />by the Fiscal Agent or Governmental Lender, a copy of such Income Certification shall be filed <br />with the Fiscal Agent and the Governmental Lender prior to occupancy by the tenant whenever <br />possible but in no event more than one month after initial occupancy by the tenant. A copy of each <br />re-certification of income shall be attached to each report filed with the Governmental Lender and <br />the Fiscal Agent pursuant to Section 4(a) above. The Borrower shall make a good-faith effort to <br />verify that the income reported by an applicant in an income certification is accurate by taking at <br />least one of the following steps as a part of the verification process: (1) obtain a pay stub for the <br />most recent pay period, (2) obtain an income tax return for the most recent tax year, (3) conduct a <br />credit or similar search, (4) obtain an income verification form from the applicantÓs current <br />employer, (5) obtain an income verification form from the Social Security Administration if the <br />applicant receives assistance from such agency, or (6) if the applicant is unemployed and has no <br />such tax return, obtain another form of independent verification. If the Low Income Tenant is a <br />Section 8 Certificate Holder, the Borrower shall retain a copy of the certificate or voucher for <br />verification of income in lieu of an income verification. <br />The Borrower understands that failure to file the Annual Certification of a Residential <br />Rental Project, Form 8703 (Rev. September 2013), or successor form, as required by Section <br /> 9 <br />12519391v3 <br /> <br />
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