(a) The Program Administrator is responsible for the administration of this Article XV, subject to any rules and regulations promulgated, pursuant to this Article. The Program Administrator, in consultation with the Controller’s Office of Public Finance, shall prepare and submit to the Citywide Loan Committee for approval, rules and regulations permitted under this Article, including but not limited to rules and regulations for underwriting standards, surplus revenues, credit enhancement, and Sponsor fees.
(b) Regulations for Income Certification Process.
(1) Incomes shall be certified only through providing one year’s tax returns and a voluntary statement of assets, except as otherwise required by a public subsidy.
(2) Initial credit and rental background checks shall be conducted concurrently with initial income certification.
(3) Applicants shall be approved or denied within 20 business days of a determination of preference made pursuant to Administrative Code Chapter 47.
(4) Recertification shall be limited to once every five years, unless otherwise required by law.
(c) The Program Administrator shall monitor each Residence for compliance with that Residence’s regulatory agreement for the term of such regulatory agreement and provide an annual report to the Board of Supervisors on the status of this Article XV.
(Added by Ord. 211-24, File No. 240726, App. 8/1/2024, Eff. 9/1/2024)