McKinney Act Loan Compliance

McKinney Act Loan Compliance

McKinney Act Loan Compliance

Pursuant to the Loan Agreement the Owner must submit, no later than November 30th each year, the following reports/documents:

  • A Certification for the use of the funds, as per the Loan Agreement
  • The number of occupied units and the income of the families or persons occupying those units.
  • Audited Financials
  • All physical inspection reports (if applicable to the project)
  • Other documents requested by the Agency or HUD which are reasonably necessary to verify the Owner’s continued compliance with the Loan Agreement.

In addition, the owner shall notify the Agency in writing when Very Low Income occupancy is achieved.

The Agency or HUD shall have the right to inspect the Project and records regarding tenants’ income at reasonable times during normal business hours upon reasonable notice.