SYNOPSIS OF URBAN FUTURES BOND ADMINISTRATION, INC.
DUTIES AS ADMINISTRATOR HOUSING CREDIT PROJECTS

I. Duties under the Administration Agreement

	To insure the Developer, Property Management Co., and the Project have a good working knowledge of the applicant eligibility requirements, with an effective compliance monitoring system. To successfully monitor compliance at a Housing Credit Development.
	Advise, within thirty days of receipt, the Project, Property Management Co., and the Developer of any changes in median income for the area and how those changes affect the income classification of the credit unit household(s).
	Advise, within thirty days of receipt, the Project, Property Management Co., and the Developer of any changes in the utility allowance.
	Review final TCAC application completed by Developer, IRS Form 8609 for each building, IRS Form 8823, Regulatory Agreement, and all other existing housing programs to determine the conservative/lowest common denominator and construct an Affordable Housing Criteria Sheet for each project.
	Perform an initial audit of each Housing Credit file, document all findings and provide a detailed Initial Housing Credit Compliance Audit Report within ten working days of Urban Futures initial audit completion date.
	Perform an annual audit of each Housing Credit file subsequent to recertification; document all findings in writing and provide a detailed Annual Housing Credit Compliance Audit Report within thirty days of Urban Futures annual audit completion date.
	Review existing LIHTC forms or provide Developer with TCAC required forms.

II. Duties Performed in Conjunction with the Developer

	Conduct on-site initial/annual audit.
	Perform a thorough review of the documentation in each tenants file.
	Review tenants Housing Credit Application, Certification, and Lease.
	Verify that household income & assets do not exceed Income Limits.
	Verify that Maximum allowable rent does not exceed Rent Limits (including the utility allowance).
	Examine management policies & procedures used for Housing Credit Program.

Within 10 days of the annual audit, advise the Developer, Property Management Co., and the Project in the form of a Housing Credit Compliance Audit Report summarizing the audit performed, including findings and suggestions for improvement and/or correction of non-compliance.