What are the Commissions general conditions for potential Applicants to participate in the Low-Income Housing Tax Credit Program?
Chapter 2 of the Policies includes a summary of the covenants, representations and warranties which you must agree to in order to receive Credit in Washington state. The covenants, representations and warranties, include, for example, compliance with: • state and local laws; • nondiscrimination and accessibility laws; • federal environmental and labor laws for Projects which receive Federal Funds; • lender and investor notices; • Resident Income requirements and rent restrictions; • annual notification of public housing authority and community agencies of available Housing Units; • periodic advertisement of Housing Units; and • attaching Lease Riders to all Residents leases. In addition, as a condition of receiving Credit from the Commission, you must enter into a Regulatory Agreement (Extended Use Agreement) with the Commission that applies to each Building in the Project. • The Regulatory Agreement will include terms, conditions, obligations, restrictions, covenants, representations
