Loan Compliance

Affordable Housing Projects

The Loan Compliance unit ensures that the City of San Jose’s Affordable Housing Projects are compliant with the terms of the loan or grant that is administered by the Housing Department. Financial documentation and verification of ongoing eligibility are required on annual basis, or quarterly if required by the regulatory agreement.

Operating Budgets for 2008 are due 60 days prior to the Fiscal Year Start. Annual Compliance Submissions for Affordable Housing Projects are due within 90-120 days of the Projects' Fiscal Year end and consist of the following:

1. Audited Financials for 2007



2. Evidence of Paid Property Taxes for 2007



3. Evidence of Insurance Coverage with the City of San Jose as Co-insured/Additional Loss Payee



4. Rent Rolls must be submitted electronically as an excel spreadsheet using one of the following formats:
   
   
   1. Version A - City of San Jose, Rent Roll
   2. Version B - City of San Jose, Rent Roll with the option to copy and paste from CTAC Project Status Report
   
   Unless the property pays for all of the utilities, management will need to include Utility Allowances in effect during the reporting period. Rent Roll information is obtain from Tenant Income Certifications which are completed by the Tenant on an annual basis on the anniversary of occupancy.



5. Bond Funded Projects
1. Continuing Certification of Program Compliance
2. CDLAC Annual Certification of Compliance
3. Evidence of filed IRS Form 8703



6. Tax Credit Projects
1. Annual Owner Certification (AOC)
2. Annual Operating Expense Report (AOE)
3. Project Ownership Profile (POP)

*** Please refer to the Project's Affordability Restrictions for specific compliance requirements.

Please submit these compliance documents electronically to Rosa Ly or by mail to:

City of San José, Housing
Loan Compliance
200 East Santa Clara Street, T-12
San José, CA 95113

Programs : Loan Compliance