860 R.I. Code R. 860-RICR-00-00-5.5

Current through December 3, 2024

Section 860-RICR-00-00-5.5 - Approval Process

A. The Housing Resources Commission will accept applications to be approved as a qualified Monitoring Agent no less than once every calendar year, on forms to be adopted by the HRC.

B. In order to be approved, Monitoring Agents must demonstrate they can minimally meet guidelines for qualifications established by the HRC which shall include, but not be limited to:

1. Working knowledge of applicable regulations, rules or guidelines, including those relating to fair housing;

2. General knowledge of subsidy programs and associated requirements;

3. Experience reviewing income and asset documentation to determine eligibility under applicable programs;

4. Experience working with mortgage lenders and general knowledge of mortgage loan documents to be reviewed during sales or refinancing transactions;

5. Experience working with developers, homeowners, listing agents, municipal officials and closing attorneys in the sale and resale of units subject to affordable housing restrictions;

6. Experience working with owners, listing agents and property management firms in the lease up and annual renewal of tenants in units subject to an Affordable Housing Restriction;

7. Demonstration of ability to successfully resolve issues of non-compliance with an Affordable Housing Restriction;

8. Demonstrated capacity to sustain monitoring services during their contracted period;

9. Demonstrated authorization to transact business in the State of Rhode Island;

10. Compliance with any and all HRC required trainings;

11. Compliance with insurance requirements as determined by the HRC;

12. Compliance with any applicable audit or financial review findings; and

13. Possession of such knowledge, skills, experience, administrative capacity, and/or other applicable competence for the performance of required duties as shall be established from time to time by the HRC.

C. The HRC will establish standardized guidelines and criteria for applications to become an approved monitoring agent pursuant to this regulation, and standardized guidelines for review of those monitoring agent applications deemed complete.

D. The HRC will establish guidelines for the recertification and/or decertification of Monitoring Agents as appropriate, the decisions for which will be within the sole discretion of the HRC.

860 R.I. Code R. 860-RICR-00-00-5.5

Adopted effective 5/30/2024