In order for a housing development to qualify as a member of the class of housing developments to which this subchapter will apply, the owner or sponsor must satisfy the following requirements:
(a) The owner or sponsor shall provide the Assessing Department with verification of its status as a limited dividend housing corporation.
(b) The owner or sponsor shall provide the Assessing Department with verification of the existence of a mortgage loan secured by HUD under Section 236 of the National Housing Act of 1937, which is or was used to fund construction of the housing development and verification of the existence of financing in the form of a federally-aided mortgage which is or was used to fund rehabilitation of the Housing Development.
(c) The owner or sponsor shall provide the Assessing Department with verification of assistance under Section 8 of the National Housing Act of 1937 for 201 of the tenants in the housing development at the time of the commencement of rehabilitation.
(d) The owner or sponsor shall obtain from the Planning Director and submit to the Assessing Department approvals received for its rehabilitation plan.
(e) On or before October 31 of each year, the owner or sponsor shall provide the Assessing Department with a certificate pursuant to which the owner or sponsor certifies to the Township of Clinton the status of the completion of the work under the rehabilitation plan in comparison to the time schedules and deadlines set forth in the approved rehabilitation plan.
(f) Upon completion of the rehabilitation of a housing development pursuant to an approved rehabilitation plan, the owner or sponsor shall submit to the Assessing Department certificate(s) of completion which confirm the completion of the work described in the rehabilitation plan, which certificates have either been prepared by HUD or an architect engaged by the owner or sponsor to examine the work as it is being performed.
(g) The owner or sponsor shall continue to maintain and repair the improvements made pursuant to the rehabilitation plan for as long as the housing development shall be exempt from all property taxes pursuant to this chapter.
(h) Annually, by March 31 of each year, the owner or sponsor shall deliver to the Assessing Department a certificate setting forth the annual contract rents for the prior calendar year or the audited statement of operations for the prior calendar year which was submitted to HUD.
(Ord. 360. Passed 2-27-06.)