Owner/Agent Agreement

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Project Management

The Owner shall prepare, or cause to be prepared, for DHCR review, a Management Plan in accordance with the rules and regulations of DHCR as the same may be amended from time to time. The Contract shall not be effective unless DHCR has approved the Management Plan in writing. Any Modification of the Management Plan is subject to the prior approval of DHCR.

    1. General Administration

a. Personnel – The Project shall be staffed in accordance with the DHCR – approved housing company budget, Management Plan and with the rules and regulations of DHCR. Recruitment, training and promotion of such staff shall be in accordance with the affirmative action plan contained in the Management Plan. Any proposed staffing changes shall be submitted to DHCR for prior approval.

b. Income Review – The Agent shall:

    1. conduct annual income reviews and comply with DHCR procedures and the rules and regulations of DHCR and, where applicable, the United States Department of Housing and Urban Development (“HUD”);

    1. satisfy all HUD requirements with respect to recertification of tenant income; and

    1. make timely rent adjustments, assessments of surcharges, and appropriate interim changes.

      1. Reports - In addition to any other reports which may be required, the Agent shall submit to DHCR the following reports on or before the dates indicated:

  1. monthly operating report – 10th day of the following month;

  1. where required, HUD excess income report – 10th day of the following month;

  1. HM-3 (Utility Consumption Record) – August 31 and at time of budget submission;

  1. HM-38 (Summer Maintenance of Heating Equipment) – August 31; and

  1. monthly reports on marketing activity and tenant arrears – 10th day of the following month.

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