Addendum to Apartment Lease

ADDENDUM TO APARTMENT RENTAL AGREEMENT

FOR THE HOUSING CREDIT PROGRAM

This is an ADDENDUMto the Rental Agreement (lease) between ______

as Owner/Agent, and ______as

Resident(s) for the following Dwelling Unit # ______, ______, ______.

City State

This ADDENDUM shall be in effect for the full duration of the Rental Agreement

in the above referenced dwelling unit.

The Housing Credit Program:It is understood by the Resident(s) that the above named Owner is participating in a government regulated affordable housing program in accordance with Section 42 of the Internal Revenue Code of 1986. This program requires both Resident(s) and Owner to verify certain information and to agree to certain provisions contained in this Addendum. The Resident(s) shall cooperate with all Owner requirements related to such compliance and Program requirements. The Initial Rental Agreement term requirement shall be for a period of not less than 6-full months.

Information Supplied: The Resident(s) hereby certify(ies) that the information supplied by the Resident(s) to the Owner that was taken into consideration by the Owner in determining the Resident’s qualifications to rent the premises, including but not limited to, the Resident’s Application, Income Certifications, and Student Eligibility, is accurate, complete and true in all respects. Resident(s) further certify(ies) that such information reported on future recertifications will be accurate, complete and true in all respects.

Income Certification and Future Requests to Recertify: The Resident(s) has/have completed and executed an Income Certification Form prior to execution of this Addendum, and shall complete and execute further Income Certification Forms at the Owner’s request not less than annually hereafter within the time specified on a written request. Upon request by the Owner, the Resident(s) shall recertify the Resident’s household income, composition,student status and supply all documentation required to prove program eligibility such as Income Tax Returns, W-2 forms, and other verifications from third parties such as employers, federal/state agencies, etc. This will be done in a manner satisfactory to the Owner and as required by program. Failure to provide accurate and timely income certification will constitute a material violation of this Lease.

Certain Changes: The Resident(s) agree to notify the Ownerimmediately in writing if: 1) the Resident’s household size changes; 2) his or her household income increases; 3) anyone in the Resident’s household becomes a full-time student; or 4) the household begins to receive rental assistance from the Public Housing Authority. If the Resident’s household student status would disqualify the premises under the Program, the Owner may elect not to renew the lease upon thirty-(30) day’s written notice to the Resident(s). If the Resident’s household begins to receive rental assistance from the Public Housing Authority, the Owner may agree to adjust the Resident’s rent and/or utility allowance to reflect the Resident’s status.

The preceding information may be requested at any time during the term of this Rental Agreement or any subsequent term(s).

Annual Recertification: The Resident(s) acknowledge(s) that the annual recertification of the Resident’s household income must meet the limitations imposed by the Program for continued occupancy of the premises.The household’s Annual Recertification or self- certification (if applicable) will bedue on______ofevery year. This is the anniversary month of the move in. The Owner/Owner’s Agent will contact the resident approximately 120 days prior to this date every year to begin processing the necessary paperwork. It will be the Resident’s responsibility to provide all necessary information so that the Owner may perform this task every year on or before the anniversary date of the preceding Resident Income Certification. Failure of Resident(s) to provide accurate and timely information will constitute a material violation of this Lease and may result in the termination of the Rental Agreement as provided by the states Uniform Owner-Resident Relations Act..

ADDENDUM TO APARTMENT RENTAL AGREEMENT

FOR THE HOUSING CREDIT PROGRAM (Continued from page 1)

Increased Income: If, upon annual recertification, the Resident’s household income exceeds 140% of the applicable program income limit, the household does not have to move. As per Section 42 of the IRS code, the unit continues to be low-income even if the household’s income exceeds the income limits for the program, as long as the household initially met the income requirements and the unit continues to be rent restricted.

Excess Rents: If it is determined that the premises is ineligible for the Low-Income Housing Credit Program under Section 42(1) (3) of the Internal Revenue Code because the rent paid by the Resident(s), plus the applicable utility allowance, for the lease term exceeds the maximum rent allowed, then the Owner shall immediately pay to the Resident(s) “the amount of such excess, with interest”. If the Resident no longer occupies the premises when the excess rent determination is made, the Owner shall use its best efforts to locate the Resident(s) for purposes of repaying the excess rent.

Felony Conviction(State of Oklahoma ONLY): By signing this Addendum, you agree to notify the Owner/Owner’s Agent if anyone in the household is convicted of a felony at any time. (OHFA State Regulation)

Owner
Initial: / Resident
Initial: / Resident
Initial: / Resident
Initial:

HOME Program:

Owner
Initial: / Resident
Initial: / Resident
Initial: / Resident
Initial:

If the parties have initialed above, it is understood that the Owner is participating on this property in tenant-based rental assistance or rental programs under the HOME Investment Partnership rental assistance under Title 24 of the Code of Federal Regulations, Part 92. The following paragraphs apply only to properties participating in such assistance under the HOME Investment Partnership Act:

Term of Lease: Under the provisions of 24 CFR 92.253, a lease must be for a period of not less than one (1) year unless the parties agree by mutual agreement that the term of the lease be less. The LESSEE acknowledges by initialing in the space below that he/she has been made aware of the provisions of 24 CFR 92.253. In addition, this Addendum shall be in effect for the shorter of (1) the full duration of the Resident’s occupancy in the above-referenced dwelling unit, or (2) for so long as the Resident or Owner is participating with respect to the property in any tenant-based rental assistance or rental program which is governed by regulations promulgated under Title 24 of the Code of Federal Regulations, Part 92.

Tenant(s) Consent to Less Than One Year Lease:______ [Tenant(s) Initials]

Owner may not terminate the tenancy or refuse to renew the rental agreement of a resident of rental housing assisted with HOME funds except for serious and repeated violation of the terms and conditions of the lease; for violation of applicable federal, state or local law, for completion of the tenancy period for transitional housing, or for other good cause. For so long as this HOME addendum is in effect, to terminate the tenancy, Owner must serve written notice upon Resident specifying the grounds for such termination or refusal at least thirty (30) days before the termination of the tenancy.

This is a binding legal document. Your signature means that you have read, understood and agreed to the provisions set out above and have received a copy of this Addendum and any related documents.

ResidentDate

Owner/Owner’s AgentDate

Park Place Addendum to Apartment Lease (01/16)Page 1 of 2RA-29t