Form 1 Sample Developer/Monitoring Agent mou


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NameForm 1 Sample Developer/Monitoring Agent mou
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Form 1 Sample Developer/Monitoring Agent MOU

Date:

(Developer Name and Address)

(Lottery Agent Name and Address)

Dear __________________:

(Name of Monitoring Agent) is pleased to have been engaged to be the Affordability Monitoring Agent for (Name of Development). In order for us to do the best job possible, we will need you to provide us with the following documents as soon as possible:

  1. Fully executed Monitoring Services Agreement

  2. Complete contact information for Developer and Lottery Agent

  3. Copy of Recorded Comprehensive Permit

  4. Copy of Recorded Regulatory Agreement

  5. Affirmative Fair Housing Marketing Plan (AFHMP)

  6. Sample Affordable Housing Restriction (Deed Rider)

Once we have approved the AFHMP and marketing has begun, we will need the following information for each applicant selected to purchase an affordable unit, so that we can verify their eligibility.

  1. Completed lottery applications for each selected purchaser, including income and asset documentation;

  2. Unit address, number of bedrooms and sale price

  3. Proposed Purchase and Sale Agreement and Affordability Restriction

  4. Condominium or Homeowner Association Documents, including schedule of beneficial interests

  5. Loan commitment letter and lender contact information

  6. Contact information for closing attorney

Following review of item’s 7-11 (above) we will provide you with a Certificate of Buyer Compliance.

Once the affordable unit has sold, we will need recorded copies of the following documents:

  1. Deed and Affordable Housing Restriction

  2. Certificate of Buyer Compliance

  3. Resale Price Certificate (to be obtained from MassHousing by the Developer after buyer eligibility has been determined and before closing)

Please let me know if you have any further questions,



Name


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