(1) Recipients shall be monitored by the Compliance Department of the Arkansas Development Finance Authority at a minimum of once every three (3) years.
(2) Continuing requirements on recipients will include, but not be limited to, maintaining file documentation to confirm tenant income and rent as well as maintenance of property and units to the standards applicable at the time of approval by the Board of Directors of the Arkansas Development Finance Authority.
(b) Recipients must provide annually a written report certifying, under penalty of perjury, that persons and families assisted with Finance Adjustment Factor (FAF) and Below Market Interest Rate (BMIR) funds meet the criteria to receive FAF/BMIR assistance, i.e., income certifications of tenants.