If any of the events described in paragraphs (1) - (7) of this
section occur, written notice must be provided to the Department within
the respective timeframes. Failure to do so will result in an Event
of Noncompliance and may be taken into consideration during Previous
Participation Reviews in accordance with Chapter 1 Subchapter C of
this title, or in Enforcement actions in accordance with Chapter 2
of this title.
(1) Written notice must be provided at least 30 days
prior to any proposed sale, transfer, or exchange of the Development
or any portion of the Development, and the Department must give its
prior written approval to any such sale, transfer, or exchange, which
will include a previous participation review on the proposed new ownership,
requiring that they complete and provide a Previous Participation
Review Form, in accordance with §10.406 of this chapter (relating
to Ownership Transfers (§2306.6713));
(2) Notification must be provided within 30 days following
the event of any casualty loss, in whole or in part, to the Development,
using the Department's Notice of Casualty Loss (for general casualty
losses) or Notice of Disaster Casualty Loss (specific to loss as a
result of a Presidentially Declared Disaster). Within 30 days of completion
of all restorative repairs, the Owner must provide the executed Notice
of Property Restoration accompanied by all supporting documentation.
Supporting documentation can include, but is not limited to: Certificates
of Occupancy, photographs of all restorative repairs completed on
buildings and/or Units, invoices from contractors, insurance assessments
and/or a written summary of restorative repairs required. The Department
may require additional documentation not specified in this section
on a case-by-case basis;
(3) Owners of Bond Developments shall notify the Department
of the date on which 10% of the Units are occupied and the date on
which 50% of the Units are occupied, and notice must occur within
90 days of each such date;
(4) Within 30 days after a foreclosure, the Department
must be provided with documentation evidencing the foreclosure and
a rent roll establishing occupancy on the day of the foreclosure;
(5) Within 10 days of a change in the contact information
(including contact persons, physical addresses, mailing addresses,
email addresses, phone numbers, and/or the name of the property as
know by the public) for the Ownership entity, management company,
and/or Development the Department's CMTS must be updated. Separate
contact information must be provided for Ownership entity, management
company, and onsite manager at the Development. A single contact may
be used for the owner and management if they are the same entity.
(6) Within 30 days of completion of the American Institute
of Architects form G704- Certificate of Substantial Completion, or
Form HUD-92485 for instances in which a federally insured HUD loan
is utilized, an Owner must request a Final Construction Inspection;
and
(7) Development Owners that have agreed to participate
in the Section 811 PRA program are required to notify the Department
about the availability of Units as described in accordance with §8.6(l)(3)
and §8.6(l)(4) of this title (relating to Program Regulations
and Requirements).
|
