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SECTION 1602 REGULATORY AGREEMENT THIS REGULATORY AGREEMENT, made and entered into on this day of, 2009, between *** LIMITED DIVIDEND HOUSING ASSOCIATION ***, a Michigan *** (the Mortgage “), whose
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What is regulatory agreement-section 1602doc?
The regulatory agreement-section 1602doc is a legal document that outlines the terms and conditions between a government agency and a developer or owner of an affordable housing project. It ensures that the project remains affordable for a specified period of time.
Who is required to file regulatory agreement-section 1602doc?
The developer or owner of an affordable housing project is required to file the regulatory agreement-section 1602doc. It is part of the compliance and reporting requirements for projects that receive Low-Income Housing Tax Credits (LIHTCs) under Section 1602 of the American Recovery and Reinvestment Act.
How to fill out regulatory agreement-section 1602doc?
Filling out the regulatory agreement-section 1602doc involves providing detailed information about the affordable housing project, including the project location, number of units, income restrictions, rent levels, and compliance procedures. The document must be filled out accurately and in accordance with the guidelines provided by the government agency overseeing the program.
What is the purpose of regulatory agreement-section 1602doc?
The purpose of the regulatory agreement-section 1602doc is to ensure that affordable housing projects that receive LIHTCs under Section 1602 of the American Recovery and Reinvestment Act remain in compliance with the affordability requirements. It also serves to protect the interests of the government agency and the tenants by establishing clear terms and conditions for the operation of the project.
What information must be reported on regulatory agreement-section 1602doc?
The regulatory agreement-section 1602doc requires the reporting of various information, including but not limited to: project location, number of units, income restrictions, rent levels, compliance procedures, monitoring and reporting requirements, and any special conditions or restrictions imposed by the government agency.
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