Loan Compliance

Affordable Housing Projects

The Loan Compliance team ensures that the City of San Jose’s Affordable Housing Projects are compliant with the terms of the loan or grant that is administered by the Housing Department. Financial documentation and verification of ongoing eligibility are required on an annual basis or quarterly if required by the regulatory agreement.

Operating Budgets for 2012 are due 60 days prior to the Fiscal Year Start. Annual Compliance Submissions for Affordable Housing Projects are due within 90-120 days of the Projects' Fiscal Year end and consist of the following:

1. Audited Financials for 2011



2. Evidence of Insurance Coverage with the City of San Jose as Co-insured/Additional Loss Payee



3. Rent Rolls must be submitted electronically as an excel spreadsheet using one of the following formats:
   
   
   1. Version A - City of San Jose, Rent Roll
   2. Version B - City of San Jose, Rent Roll with the option to copy and paste from CTAC Project Status Report
   
   All projects with a recorded CSJ Affordability Restrictions must adhere to Income and Rent Limits when determining tenant income eligibility and setting rent limits. In situations where there are multiple affordability restrictions/income or rent limits set by different funding requirement or jurisdiction, the Project must adhere to the strictest requirement thereby meeting all of the layering restrictions.
   
   Rent limits must include 2011 Utility Allowances in effect during the reporting period, unless the property pays for all of the utilities. Rent Roll information is obtain from Tenant Income Certifications which are completed by the Tenant on an annual basis by the anniversary of occupancy.



4. Bond Funded Projects
1. Continuing Certification of Program Compliance
2. CDLAC Annual Certification of Compliance
3. Evidence of filed IRS Form 8703



5. Tax Credit Projects
1. Annual Owner Certification (AOC)
2. The Annual Operating Expense (AOE) form and the Lender Profile (LP) form will not be available until March 28, 2011 via CTCAC’s website
3. Project Ownership Profile (POP)

*** Please refer to the Project's Affordability Restrictions for specific compliance requirements.

If you have questions about your compliance requirements, please contact Daniel Murillo or by phone to (408) 793-4195.

Programs : Loan Compliance