| (ix) evidence of Match being credited to the Development.
(J) No disbursement of funds will be approved without
receipt of all closing documents in the form and substance required
by the Department's Legal Division;
(K) The final draw request must be submitted within
the construction term as determined in accordance with 10 TAC §13.8(c)(1)
or (d)(1) as applicable, unless the construction term has been extended
in accordance with 10 TAC §13.12 or 10 TAC §13.13 of this
chapter, as applicable; and
(L) Annually, Borrowers must submit at least one draw,
and may not submit more than four draws, unless previously approved
by the Executive Director or designee.
(15) Annual Audits and Cost Certifications under 24
CFR §93.406(b).
(A) Annual Audits under 24 CFR §93.406(b). Unless
otherwise directed by the Department, the Development Owner shall
arrange for the performance of an annual financial and compliance
audit of funds received and performances rendered under the Direct
Loan Contract, subject to the conditions and limitations set forth
in the executed Direct Loan Contract. All approved audit reports will
be made available for public inspection within 30 days after completion
of the audit.
(B) Cost Certifications under 24 CFR §93.406(b).
(i) Non-HTC-Layered Developments. Within 180 calendar
days of the later of all title transfer requirements and construction
work having been performed, as reflected by the Development's Certificate(s)
of Occupancy (if New Construction) or Certificate of Substantial Completion
(AIA Form G704 or HUD equivalent form), or when all modifications
required as a result of the Department's Final Construction Inspection
are cleared as evidenced by receipt of the Closed Final Development
Inspection Letter, the Development Owner will submit to the Department
a cost certification done by an independent licensed certified public
accountant of all Development costs (including project NHTF eligible
costs), subject to the conditions and limitations set forth in the
executed Direct Loan Contract.
(ii) HTC-Layered Developments. With the Cost Certification
required by the Low Income Housing Tax Credit Program, the Development
Owner must submit to the Department a cost certification completed
by an independent licensed certified public accountant of all Development
costs (including NHTF project eligible costs), subject to the conditions
and limitations set forth in the executed Direct Loan Contract.
|
