§ 2.213.060. Annual certification.

A.

Not later than February 15 of each year, the grantee shall submit a certification to the OEOE and the finance department for review covering the previous calendar year. The annual certification shall include at a minimum for each occupied affordable and/or workforce housing rental unit:

1.

The number of months and partial months the unit was occupied;

2.

The median household income level applicable to the unit;

3.

The rent charged for the unit; and

4.

The market value rent of the unit calculated based on the three closest comparable units on a square footage basis.

B.

The annual certification shall also include the total number of occupied affordable and/or workforce housing units in the development compared to the total number of affordable and/or workforce housing units required pursuant to the grant agreement. The annual certification shall also compare the total grant payments for all occupied affordable and/or workforce housing units and the maximum annual grant allowable for the calendar year.

C.

The annual certification shall include a certification from the chief executive officer of the grantee that the information is true, correct and complete and that each occupied affordable and/or workforce housing rental unit was occupied by an eligible household.

D.

The annual certification shall be accompanied by an examination conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants conducted by a reputable and licensed independent accountant giving an opinion that the amount of the incentive being requested represents, in all material respects, the incentive grant payment owed in conformity with the grant agreement. The independent accountant shall examine, on a test basis, documentation supporting the eligibility of the occupants of the affordable and/or workforce housing units. Additional reporting requirements may be specified in each grant agreement.

E.

The incentive grant payment shall be remitted to the developer monthly.

F.

Upon review of the annual certification, if it is determined that a grantee received an overpayment in a calendar year, the grantee shall reimburse the metropolitan government by July 31 of the year following the year for which the overpayment was made. In the event that a grant was underpaid in a calendar year, the metropolitan government shall pay the amount of the underpayment to the grantee by July 31 of the year following the year for which the underpayment accrued.

(Amdt. 2 to Ord. BL2016-342 § 1, 2016; Amdt. 1 to Ord. BL2016-342 § 1, 2016; Ord. BL2016-342 § 1, 2016)