The Housing Division monitors the City's investments in affordable multifamily rental housing, including annual reviews of reports submitted by our borrowers. With these annual reports, borrowers show that their properties continue to be an asset to the community and demonstrate compliance with the provisions of the regulatory and loan agreements they have executed with the City.
Loan agreement annual reporting includes but is not limited to insurance requirements, financial audits, reserve account balances, management plans, and capital needs assessments. Regulatory agreement annual reporting includes but is not limited to tenant income and household size verification, rents for restricted affordable units, annual occupancy rate, household demographics, fair housing issues, and neighborhood concerns. The Housing Division staff also conduct routine site inspections of properties to verify compliance with the agreements as testified in the annual reports.
The submission of annual reports to the City are due within a certain number of days after the close of each calendar year as specified by each property's loan and regulatory agreement. Borrowers shall demonstrate compliance with their regulatory agreement with the City by completing an excel table with the necessary current information on all the units of their applicable property and submitting it to the Housing Division. This excel table can be obtained by contacting the Housing Division.