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Preparation of the mortgage document(s) shall <br />comply with all Federal, State, and Local <br />regulations. <br />The mortgage documentation shall specify the <br />IRCLHAProgram Strategy assisting in the provision <br />of the housing unit, the amount of the funding <br />award for the unit, the applicable interest rate <br />for the funding award, the commencement and <br />termination dates for the unit's required <br />affordability classification timeframe and unit <br />resale requirements as applicable. <br />7. IRCLHAProgram Compliance Monitoring <br />All housing units shall be monitored for compliance with <br />the requirements of the IRCLHAProgram and Strategies as <br />follows: <br />a. Compliance Review Activities <br />All housing units assisted by the IRCLHAProgram <br />shall be subject to the following monitoring <br />activities to determine compliance with the <br />requirements of IRCLHAProgram and Strategies as <br />appropriate: <br />i. Property Tax Payment Verification <br />For owner financed units, compliance <br />verification with this requirement shall be <br />conducted on an annual basis. For units <br />receiving principal financing from a financial <br />institution, payment of property taxes will be <br />made through an escrow account. <br />ii. Homeowner/Property Owner Insurance <br />Verification <br />For owner financed units, compliance <br />verification with this requirement shall be <br />conducted on an annual basis. For units <br />receiving principal financing from a financial <br />institution, payment of property taxes will be <br />made through an escrow account. <br />iii. Owner and Eligible Person Occupancy <br />Verification <br />Compliance verification with this requirement <br />shall occur as needed. <br />45 <br />