Property Management Agreement Sample Page 21
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292.
Determining eligibility, certifying and re-certifying income and making tenant
selections in accordance with the HCV Administrative Plan and the LIHTC
requirements if applicable to the Development.
3.
Operating the property for the good of the residents and Owner within the
financial guidelines established jointly by the Owner and Manager.
4.
Maintaining accurate records of the daily operations of the property, including
collecting and accounting for rental revenues.
5.
Conforming to all Federal, State and local agency regulations.
6.
Filing reports and/or furnishing information on time and in prescribed form for all
reports required to be filed by the Owner.
7.
Maintaining the property and reporting any deficiencies to the Owner.
8.
Working with the residents to set up a Resident Association, and establishing and
implementing rules governing resident behavior and conditions of occupancy.
9.
Consulting with the Owner before taking remedial action when required repairs or
new purchases exceed $2,000 (except for emergencies) on any one item or when
severe damage to property occurs involving insurance claims, etc., except in the
case of an emergency.
c. Administrative Cost Reimbursements
All operating expenses shall be paid out of project income as established and approved in
the annual budget, including the following:
1.
Manager.
2.
Other on-site staff, such as clerical assistance and maintenance staff.
3.
Legal and auditing expenses, finance and accounting materials and services, and
resident rent payment receipts.
4.
Maintenance and repairs.
5.
Security personnel.
6.
Cost of certifying annual financial statements.
7.
Delinquency notices and evictions.
8.
Other items as may be approved by Owner.
II.
PERSONNEL POLICY AND STAFFING ARRANGEMENTS
All hiring done by Manager will be in conformance with Federal, state and local laws pertaining
to civil rights and equal opportunity.
Sample Property Management Agreement RAD Conversion Sites
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