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).