Rhode Island Code of Regulations
Title 860 - Housing Resources Commission
Chapter 00 - N/A
Subchapter 00 - N/A
Part 5 - Rules and Regulations Governing the Implementation of an Approved Monitoring Agent Program
Section 860-RICR-00-00-5.4 - Duties of Monitoring Agents

1. Monitor Initial Sales/Lease-Up. Monitoring agents shall work closely with Developers and/or Developer Agents to ensure that Affordable Units are sold or leased as applicable to Income Eligible Households and are subject to a long-term Affordable Housing Restriction;

2. Ongoing Monitoring of Deed Restricted Homeownership Units. Monitoring Agents shall provide ongoing monitoring to Affordable Housing Restricted homes for compliance with the terms of such restrictions, including but not limited to, refinancing, events of foreclosure and occupancy requirements.

3. Ongoing Monitoring of Affordable Housing Restricted Rental Units. Monitoring Agents shall work with Owners of Affordable Housing Restricted rental properties and/or their listing agent or property management agent to ensure continued income eligibility of in-place tenants.

4. Monitoring of Resales. Monitoring agents shall work with Owners of Affordable Housing Restricted properties and/or their listing agent or property management agent to ensure that all resales comply with the terms of the applicable Affordable Housing Restriction;

5. Compliance and Enforcement. Monitoring Agents shall support ongoing compliance with the terms of the Affordable Housing Restriction, including requests for refinancing, capital improvements, leasing and resale; and take necessary enforcement action in response to violations of the Affordable Housing Restriction.

6. Reporting. Monitoring Agents shall comply with the reporting requirements of 5.7 hereof;