Management agent (Repealed)

An applicant for a commitment from CHFA for a mortgage loan on a proposed multifamily housing project shall designate a management agent, and prior to the initial closing of the mortgage loan (or at such later time as permitted by CHFA), the designated management agent (if acceptable to CHFA) and the applicant shall enter into a management agreement providing for the management of the proposed housing project. The management agent shall prepare a management plan that provides a comprehensive description of the policies and procedures to be followed by the management agent in the management of the housing project. The designation of a management agent and the management agreement shall not be effective unless approved by CHFA, and the management plan shall not be effective until accepted by the applicant and approved by CHFA. The management plan shall be incorporated into the management agreement, and the management agent shall be obligated to perform under the management agreement in accordance with the provisions of the management plan and the management agreement.