Common use of Income Eligibility Documentation and Rent Structure Verification Clause in Contracts

Income Eligibility Documentation and Rent Structure Verification. For the FHLBNY to ensure that the incomes of tenants and the rent structure of an AHP-assisted project comply with the income targeting and rent commitments made in the approved AHP application, a risk based sample of the occupied units will be selected for review by the FHLBNY in conjunction with the FHLBNY’s monitoring practices. For each household selected as part of the sample, income source documentation and a copy of the rental lease must be submitted. Dependent upon the Project characteristics, the FHLBNY, in its discretion, may accept alternate documentation as follows: • If a Project receives project-based Section 8 assistance, a copy of the Section 8 contract may be submitted to the FHLBNY in lieu of income source documents. • If a Project receives tenant-based Section 8 assistance, a copy of the Section 8 voucher (or other comparable evidence) may be submitted to the FHLBNY in lieu of income source documents. • If a Project receives rent subsidy from a local, state, or federal agency that targets very low- and low-income households, a copy of the executed subsidy agreement may be submitted in lieu of income source documents, provided that the income references set forth in the subsidy contract/agreement are consistent with the income targeting commitments made in the AHP Application. • If a Project targets homeless households, the FHLBNY may in its discretion require supporting income documentation for the units that are allocated for the housing of homeless households. • For AHP rental projects that received funds other than tax credits from federal, state, or local government entities, FHLBNY may rely on the monitoring by these entities of the income targeting and rent requirements, provided that FHLBNY can show that: (i) the compliance profiles regarding income targeting, rent, and retention period requirements of the AHP and the other program are substantively equivalent; (ii) the entity has demonstrated and continues to demonstrate its ability to monitor the project; (iii) the entity agrees to provide reports to the FHLBNY on the project’s incomes and rents for the full 15-year AHP Retention Period; and

Income Eligibility Documentation and Rent Structure Verification. For the FHLBNY to ensure that the incomes of tenants and the rent structure of an AHP-assisted project comply with the income targeting and rent commitments made in the approved AHP application, a risk based sample of the occupied units will be selected for review by the FHLBNY Bank in conjunction with the FHLBNY’s monitoring practices. For each household selected as part of the sample, income source documentation and a copy of the rental lease must be submitted. Dependent upon the Project characteristics, the FHLBNY, in its discretion, may accept alternate documentation as follows: • If a Project receives project-based Section 8 assistance, a copy of the Section 8 contract may be submitted to the FHLBNY in lieu of income source documents. • If a Project receives tenant-based Section 8 assistance, a copy of the Section 8 voucher (or other comparable evidence) may be submitted to the FHLBNY in lieu of income source documents. • If a Project receives rent subsidy from a local, state, or federal agency that targets very low- and low-income households, a copy of the executed subsidy agreement may be submitted in lieu of income source documents, provided that the income references set forth in the subsidy contract/agreement are consistent with the income targeting commitments made in the AHP Application. • If a Project targets homeless households, the FHLBNY may in its discretion require supporting income documentation for the units that are allocated for the housing of homeless households. • For AHP rental projects that received funds other than tax credits from federal, state, or local government entities, FHLBNY may rely on the monitoring by these entities of the income targeting and rent requirements, provided that FHLBNY can show that: (i) the compliance profiles regarding income targeting, rent, and retention period requirements of the AHP and the other program are substantively equivalent; (ii) the entity has demonstrated and continues to demonstrate its ability to monitor the project; (iii) the entity agrees to provide reports to the FHLBNY on the project’s incomes and rents for the full 15-year AHP Retention Period; and