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<br />rents must not exceed the HUD Published Fair Market Rents in effect at the time of <br />occupancy. Residential leases will not exceed one year in term. <br /> <br />B. If necessary to bring the Property into compliance with applicable property standards for <br />rental project described in 24 C.F.R. 92.251, Owner shall rehabilitate the Project dwelling <br />unit. The Project dwelling unit shall be occupied no later than six months after project <br />completion. In the event that Owner is unable to complete its obligations to acquire, <br />rehabilitate, and occupy the Project dwelling unit within this time or by extensions <br />approved by the County under the terms of this Agreement, Owner will be required to <br />repay the full amount of the County’s outstanding loan as provided in the loan documents. <br /> <br />a. Owner shall ensure that the Project dwelling unit meet the Section 8 Housing <br />Quality Standards (HQS) prior to leasing. All repair work must be completed in <br />accordance with applicable building and zoning ordinances and N.C. Housing <br />Finance Agency Energy Standards. <br /> <br />b. Any tenants residing in the Project dwelling unit at the time of acquisiti on of the <br />Project dwelling unit that are displaced due to the repair work must be notified in <br />writing of the need for temporary relocation and must be adequately housed in the <br />community. Owner must submit within 90 days of the date of this Agreement a <br />detailed written report of the relocation plan for all tenants. All relocation activities <br />will be fully funded by Owner. <br /> <br />C. Owner is responsible for verifying the income of prospective tenants and maintaining <br />eligibility data. Owner shall maintain tenant files as part of its Books and Records as <br />required and for the period of time required by Section VIII. C.6 of this Agreement. Owner <br />must provide the County an initial occupancy report verifying the income eligibility the <br />tenant at the time of initial lease-up. Owner must furnish the County with an annual report <br />on each Project dwelling unit by July 31 of each year thereafter certifying that the tenant <br />is earning less than 30% of the area median income by family size, as determined by the <br />U.S. Department of Housing and Urban Development and as amended from time. <br /> <br />D. Each Project dwelling unit must have a value that does not exceed 100% of its appraised <br />value. An independent, qualified appraiser must conduct the appraisal. <br /> <br />E. Owner must submit an annual rental operations budget to the County each year at least <br />sixty days prior to the July 1 beginning date for the fiscal year. <br /> <br />F. Owner agrees and authorizes the County to conduct on-site reviews, examine client and <br />contractor records, client applications and to conduct any other procedures or practices to <br />assure compliance with these provisions. <br /> <br />G. Owner agrees to not violate any State or Federal laws, rules or regulations regarding a <br />direct or indirect illegal interest on the part of any employee or elected official of the Owner <br />in the Project or payments made pursuant to this Agreement. <br /> <br />DocuSign Envelope ID: 48DDB7F3-249B-44E9-A965-4AB2E5C0F864