Related Requirements

Section 369.304  Related Requirements Any award of a Grant shall be subject to the Related Requirements and any applicable requirements of the Act; which include: a)         Restrictions: 1)         Income-eligible households:  Maximum AMI of 50% or 60%, or Average AMI of 60% with range between 20% and 80%, as owner elects. 2)         Affordable rents:  30% of target income. 3)         Target population:  Must be available to general public; restrictions on full-time students, but no citizenship requirement. 4)         Leasing requirements:  Not to be used for temporary housing; lease must be for at least 6 months. 5)         Physical condition:  Must be maintained to HUD's Uniform Physical Condition Standards (24 CFR 5 (2022)) 6)         Annual income recertification required:  Not for 100% affordable projects; mixed income projects only. 7)         Fixed or floating units:  Floating units must maintain applicable percentage as measured by unit or square footage. b)         Monitoring: 1)         Physical Inspection:  Triennial, using the sample size required by HUD's Real Estate Assessment Center (REAC) (see table to paragraph (c)(2)(iii), 26 CFR 1.42-5 (2022)). 2)         Tenant File Review:  Triennial, using the sample size required by HUD's Real Estate Assessment Center (REAC) (see table to paragraph (c)(2)(iii), 26 CFR 1.42-5 (2022)). 3)         Record keeping review. 4)         Annual Owner's Certification review. c)         Owner's Reporting: 1)         Annual Owner's Certification. 2)         Annual Tenant Income Certification. 3)         Affirmative Fair Housing Marketing Plan. 4)         Tenant Selection Plan.