Management agreement (Repealed)

The management agreement shall set forth all of the terms, conditions, covenants, and agreements between the applicant and the management agent concerning the management of the proposed housing project. The management agreement shall not be effective until executed by the applicant and the management agent and approved by CHFA. The management agent shall acknowledge that it has reviewed and is familiar with the CHFA mortgage loan closing documents, any mortgage insurance or any subsidy benefiting the proposed housing project, and any federal or state statutes and regulations affecting the management agent's duties and responsibilities. The management agent shall have the following duties and responsibilities, without limitation by reason of enumeration: (a) advise and assist the applicant with respect to the renting of units within the housing project; (b) act as a liaison between the applicant and the architect and general contractor for the proposed housing project; (c) provide for the marketing activities described in the management plan; (d) attend to the marketing and leasing of vacant units and to negotiation and preparation of all leases and other occupancy agreements for dwelling units, commercial space, parking space, and any other rentable space or facilities; (e) determine, verify, and certify to the eligibility of prospective tenants and of existing tenants and conduct needs assessments when required by CHFA or any other state or federal agencies providing assistance to the housing project; (f) collect, deposit, and disburse security deposits in accordance with the terms of each tenant's lease and in accordance with the requirements of law; (g) maintain a current waiting list of prospective tenants; (h) collect when due all rents, charges, and other amounts due the applicant as owner of the proposed housing project or otherwise related to the management and operation of the housing project and deposit and disburse such amounts in accordance with the requirements of law and the management agreement; (i) enforce tenant leases with the assistance of the attorney or attorneys retained by the owner of the housing project; (j) cause the housing project to be maintained in a good, safe, and sanitary condition; (k) cause the housing project to be provided water, electricity, gas, fuel oil, sewage and trash disposal, vermin extermination, decorating, laundry facilities, telephone service, and other services, all in accordance with the management plan and the project operating budget approved by the owner of the project and CHFA; (l) hire, pay on behalf of the owner, supervise, and, as necessary, discharge all personnel employed in the management of the housing project; (m) pay on behalf of the owner the following: all amounts due CHFA and any other state or federal agencies providing assistance to the housing project, compensation to employees of the owner of said project and any other payments required in connection with the payment of such compensation, real estate taxes and assessments, fire and other insurance premiums, mortgage payments, utility charges, deposits into reserve funds and other escrows, and any other amounts due by the owner as operating expenses of the housing project, including the management agent's fee; (n) prepare an annual operating budget for each fiscal year of the housing project at least sixty (60) days prior to the beginning of such fiscal year, which budget is subject to approval by the owner of the housing project and CHFA; (o) prepare appropriate records and reports, including, without limitation by reason of enumeration, the following: (1) an inventory of all furniture, equipment, tools, supplies, and fuel; (2) an annual financial report for each fiscal year prepared by a certified public accountant selected by the owner of the project and acceptable to CHFA, which report shall be based upon a review of the books and records of the management agent and the owner of the project and submitted to the owner and CHFA within sixty (60) days after the end of each fiscal year or such longer time as CHFA may agree to in writing; (3) reports on all income and expenses of the project comparing actual and budgeted figures for receipts and disbursements, which reports shall be submitted to the owner and CHFA as required; (4) such reports as may be required under any agreements of the owner of the proposed housing project with CHFA or any other state or federal agencies assisting the project or requested by CHFA with respect to the financial, physical, or operational condition of said project; (5) an aged, itemized list of all delinquent accounts, including past due rents as required by CHFA; (p) as required by CHFA, deliver to the owner of the housing project and CHFA a statement of receipts and disbursements with a schedule of aged accounts receivable and payable and with bank statements and a reconciliation thereof for project accounts; (q) prepare and submit, after approval by the owner of the housing project, all forms, reports, and returns required by law in connection with the employment of personnel, unemployment insurance, workmen's compensation insurance, disability insurance, social security, and other similar insurance; (r) furnish and maintain at project expense for the term of the management agreement and thirty (30) days thereafter a blanket fidelity bond for the benefit of the owner of the housing project and CHFA in an amount not less than two (2) months' gross rent for all units of the housing project, which bond shall be in a form and with a company acceptable to the owner of said project and CHFA; (s) obtain quotations on all contracts or purchases exceeding two thousand ($2,000) dollars for any items or services obtainable from more than one source and credit the owner of the housing project with any discounts, rebates, or commissions in connection therewith; (t) establish a grievance procedure satisfactory to CHFA; (u) cause the insurance coverage required under the CHFA mortgage loan documents to be effected with companies approved by the owner of the housing project and by CHFA and furnish to the owner of the housing project and by CHFA reports of all accidents, claims, and potential claims relating to the housing project and cooperate with any insurers in connection therewith; and (v) comply with applicable state and federal laws and regulations and any orders or other requirements of any agencies thereof, as part of its obligations under the management agreement.