Synopsis of Urban Futures Bond Administration, Inc.
Duties As Administrator Multifamily Projects

I. Duties under the Administration Agreement

	Advise, within thirty days of receipt, notify the Lender, and the Developer of any changes in median income for the area and how those changes affect the income classification of households consisting of various numbers of persons with respect to such persons being determined to be low or moderate income tenants and very low income tenants under the terms of the Regulatory Agreement. Work with the Issuers on any issues that require rental restrictions to ensure that the Developer is in compliance with the Regulatory Agreement.
	Upon receipt of the various reports from the Developer, promptly review them to determine completeness and verify internal accuracy of calculations and conclusions with respect to such calculations.
	Maintain a file of the documents received from the Developer. The file is to be available for inspection by the Issuer, the Trustee, the Lender and the Developer as long as any bonds are outstanding.
	Within 10 days of receipt of a Certification of Continuing Program Compliance from the Developer, mail to the Lender and the Trustee a copy of such Certification and certify to the Lender and the Trustee, in writing, as to whether the Developer is in compliance with the provisions of the Regulatory Agreement.
	Upon receipt of a report which is inaccurate or incomplete or demonstrates that the project is not in compliance with the Code or Act, Urban Futures, Inc. shall...

1. In a case of inaccuracy or incompleteness, which does not cause the project to cease to meet the qualifications set forth in the Regulatory Agreement, advise the Developer to complete the document or correct the inaccuracy within a reasonable time.
2. In a case where inaccuracy or lack of completeness or the content of a document does cause the Project to cease to meet the qualifications set forth in the Regulatory Agreement, immediately give written notice to the Issuer, the Trustee, the Lender and the Developer.

If the Developer fails to file with the Administrator required reports within the time set forth in the Regulatory Agreement, the Lender, and the Developer must immediately be given notice.

II.Duties Under the Regulatory Agreement, performed at the request of the Issuer

	Receive and file the Completion Certificate from the Developer.
	Receive and file the Notification of 10% dwelling unit occupancy.
	Receive and file the Notification of 50% dwelling unit occupancy.
	Receive, review, process and file the Issuer's copy of the Certification of Continuing Program Compliance and attached Certifications of Tenant Eligibility and Income verification and any tax returns received from low or moderate income tenants.
	Act as the Representative of the Issuer with regard to inspection of the books and records of the Developer pertaining to the incomes of low or moderate income tenants residing in the Project. Neither the Regulatory Agreement nor the Administration Agreement indicate the necessity for or the frequency of on-site inspection of the developer project or records.

III.Duties Performed in Conjunction with the Developer

	Prior to initial rent-up, make an on-site visit to the project. Meet with the Developer and/or property management staff and advise them with respect to documents required under the Regulatory Agreement.
	Visit the project on a regular periodic basis after initial rent-up to answer any questions that may have arisen. Be available for phone contact by Developers or property managers to facilitate compliance with the Regulatory Agreement.