SECTION 330:36-6-5. Applicant and/or Owner responsibilities

(a)   An Applicant and/or Owner under the OAHTC Program shall be responsible for:

(1)   Taking all action necessary to enforce the terms of the Regulatory Agreement against any private or public Owner that fails to comply with applicable provisions of the Regulatory Agreement or any subcontract or documents resulting from it, and to recover on behalf of OHFA, all costs and expenses incurred by or on behalf of OHFA. Nothing in this subsection shall restrict OHFA's right to independently enforce the terms of the Commitments made to OHFA in the Application and/or the Regulatory Agreement or in any subcontracts or documents resulting from either of them, or to recover any sums that may become due to OHFA as the result of a breach of any of the Commitments made to OHFA in the Application and/or the Regulatory Agreement, or in any such subcontracts or documents.

(2)   Complying with all applicable provisions of the Code, State and federal regulations, guidelines, circulars, rulings and notices, these Rules, the AP, the Application, the Regulatory Agreement between the Applicant and/or Owner, and/or in any subcontracts or documents resulting from either of them, and OHFA or other Program requirements that may be released by the Internal Revenue Service or OHFA from time to time.

(3)   Maintaining records and accounts, including, but not limited to, property, personnel, financial and tenant records that properly document and account for all Development funds and compliance with the tenant Income Certification requirements of the Code, these Rules, the AP, and the application and the Regulatory Agreement. All records required by the Code or 26 CFR1.42-5, as presently effective or as may be amended in the future, must be kept and retained by the Owner. Additional requirements of OHFA respecting said records may be included in the Regulatory Agreement. OHFA may require specific types and forms of records. All such records and accounts shall be made available upon request by OHFA for the purpose of inspection and use in carrying out its responsibilities for administration of the tax Credits.

(4)   Retaining all books, documents, papers, records, and other materials involving all activities and transactions related to the Owner's Commitments to OHFA found in the Application and in the Regulatory Agreement, as required by the Code, State and federal regulations, the AP, the Application and the Regulatory Agreement.

(b)   OHFA may require the Applicant and/or Owner to provide special narrative and financial reports related to the elements of a written agreement in the forms and at such times as may be necessary or required by OHFA.

(c)   OHFA shall have the right to perform as many audits and/or compliance inspections of any Development, from time to time, in the complete discretion of OHFA, as OHFA deems necessary or appropriate to discharge its compliance duties to the IRS in regard to each Development for which TCAs have been awarded, at least through the end of the Compliance Period and Extended Use Period of the Buildings and units in the Development. Audits and compliance inspections may include physical inspection of any Building in the Development, as well as a review of the records described in this subchapter. The cost of any such audit shall be borne by the Applicant and/or Owner. The audit and inspection provisions of this subsection are in addition to any inspection of OAHTC Certifications, supporting documentation, or inspection of records performed pursuant to annual compliance review.

[Source: Added at 17 Ok Reg 1239, eff 10-1-00; Amended at 18 Ok Reg 1003, eff 3-14-01 (emergency); Amended at 18 Ok Reg 3055, eff 7-12-01; Amended at 20 Ok Reg 2439, eff 1-1-04; Amended at 21 Ok Reg 2280, eff 1-2-05; Amended at 23 Ok Reg 2960, eff 1-2-07; Amended at 28 Ok Reg 1658, eff 1-1-12; Amended at 34 Ok Reg 1378, eff 1-1-18]