Apartment Inspections –The Agent shall establish and maintain a schedule for the physical inspection of all apartments. Written records of all inspections shall be filed in the appropriate files. Such records shall include:
Agent shall collect all rent or carrying charges and all surcharges and other fees and charges in accordance with DHCR procedures. All monies collected shall be deposited daily into the DHCR approved Project Administration Account with the source of such monies clearly identified. Agent shall establish a delinquent list no later than the 10th day of each month with updating before the end of the month.
If a tenant/tenant-shareholder vacates his apartment owning money on account or unpaid rent or carrying charges then the Agent shall notify the tenant/tenant-shareholder by mail within five (5) business days of move-out of the amount owned. If the tenant/tenant-shareholder has not paid the arrears within fifteen (15), days of move-out, then the Agent shall submit the account to a DHCR approved collection agency. All write-offs of uncollectible accounts shall be in accordance with DHCR rules, regulations directives or orders.
Agent shall collect the proper amount of security deposits and place such monies in a separate interest-bearing bank account. Agent shall further remit to tenants annually the proper amount of interest, refund to vacating tenants the amount due with a full explanation of any deductions and adjust the amount of security required if warranted.
If applicable, Agent shall comply with all governmental requirements regarding subsidy programs so as to assure that the Project utilizes and receives the maximum subsidy allowable. Agent shall request increased subsidies when required.
If applicable, the Agent shall collect the proper amount of equity payments from tenant-shareholders and refund, in a timely manner, the proper amount to vacating tenant-shareholders, with all deductions itemized.
Agent shall make timely and proper payments on account of debt service, all real estate taxes, local assessments and water and sewer charges.
Agent shall submit to DHCR for approval by the date and in the form prescribed by DHCR as Budget/Rent Determination Application. Agent shall adhere to the approved Budget as closely as possible. All proposed expenditures in excess of the budgeted amounts require submission by the Agent to DHCR of budget revision requests and are subject to the approval of DHCR. All Project financial records shall be made available at the site to the tenants.
Agent shall make timely deposits into the Project’s Operating Escrow Fund account the amounts so directed by DHCR. Requests for payments out of such account shall be accompanied by adequate documentation to enable DHCR to determine that such payments are properly chargeable to the account.
All bank accounts required by DHCR shall be properly maintained.