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Affordable Housing 40B SHI Lottery Agents

Other matters covered during Final Approval include securing the developer’s acknowledgement of

the cost certification requirements that will have to be met once the project is built and occupied. In

addition, the developer will be required to enter into a Regulatory Agreement with the Subsidizing

Agency. The Regulatory Agreement is a recorded, legally enforceable contract that lays out the financial,

limited dividend, affordability, monitoring, and other requirements the developer will have

to meet for the duration of the Subsidizing Agency’s oversight of the project. Before the Regulatory

Agreement is executed, the ZBA will be asked to sign an acknowledgement that compliance with the

Regulatory Agreement will be sufficient for compliance with the affordability conditions and other

applicable requirements of the comprehensive permit. The Regulatory Agreement should provide for

continued monitoring of the project’s affordability requirements once the Subsidizing Agency’s role

has ended (typically thirty years, for a rental project).