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1205. Management Plan. As a Condition Precedent to the first disbursement of the Loans to the Developer, Developer shall submit to the Executive Director a Management Plan in a form that is acceptable to the Executive Director, including, but not limited to, the components listed below. Approval of the Management Plan must be obtained from the Executive Director prior to any disbursement of the Loans to the Developer. Developer shall manage the units in accordance with the approved Management Plan, including such amendments as may be approved in writing from time to time by the Executive Director, for the term of the income and rent restrictions contained in these Restrictions. The components of the Management Plan shall include: 1205.1 Management Agent. Developer shall submit the name and qualifications of the proposed Management Agent. The Executive Director shall approve or disapprove the proposed Management Agent in writing based on the experience and qualifications of the Management Agent. 1205.2 Management Agreement. Developer shall submit a copy of the proposed management agreement specifying the amount of the management fee, and the relationship and division of responsibilities between Developer and Management Agent. 1205.3 Annual Budget and Projected Cash Flows. Prior to the first disbursement of the Loans, and annually thereafter not later than one hundred fifty (150) days after the close of each calendar year thereafter, Developer shall submit a projected operating budget and cash flow to the Executive Director. The budget and cash flow shall be in a form that is acceptable to the Executive Director. 1205.4 Tenant Selection Policies. Developer shall adopt and include as part of its Management Plan written tenant selection policies and criteria for the Affordable Units that meet each of the following requirements: (a) Developer's tenant selection policies shall be consistent with the purpose of providing housing for Extremely Low Income and Very Low Income households; (b) Such policies shall be reasonably related to program eligibility and the applicants' ability to perform the obligations of the approved resident lease agreement; (c) Such policies shall give reasonable consideration to the housing needs of senior citizens that would have a federal preference under 42 U.S.C. § 12744 of the Cranston- Gonzalez National Affordable Housing Act of 1992; (d) Such policies shall provide for: (i) The selection of tenants from a written waiting list approved by the Agency and City, in the chronological order of their application, insofar as is practicable; and (ii) The prompt written notification to any rejected applicant of the grounds for any rejection; (e) Such policies shall provide first priority in the selection of qualified eligible tenants to households that are referred by the Agency or City; 38 DOCSOC/ I469583v5/200272-0003