Sec. 05.04.11.17. Certification of Income

A. The sponsor shall obtain verification of income from all those who occupy or apply to occupy the project, in a form acceptable to the Administration. For projects where existing residents will continue in occupancy after the loan is made, the sponsor shall obtain income verifications from not less than 51 percent of the residents who satisfy the income limitations established under Regulation .05 of this chapter before initial loan closing. The sponsor shall file with the Administration, at least annually, a report disclosing the income of all individuals in residency or selected for residency.

B. Annual recertifications of income shall be undertaken by the sponsor. Documentation and income verification shall be maintained at the project for a period of at least 3 years from the date on which the application for occupancy is submitted to the sponsor. The sponsor shall make the documentation available for review by the Administration at the Administration's request.

C. The sponsor shall submit such annual or other reports relating to the occupancy of the project and the income of residents occupying the project as may be requested by the Administration.

D. The purpose of the certification of income and the reports is to assure compliance with the upper income limits required by Housing and Community Development Article, §4-212, Annotated Code of Maryland.