G. For the purposes of this section:

1. 1. "Actual annual expenses" means all operating expenses, as reflected in the annual income and expense documentation submitted pursuant to subsection C of this section, including the following:

   1. (a) Maintenance and repair costs.
   2. (b) Supplies.
   3. (c) Service contracts.
   4. (d) Utilities.
   5. (e) Tenant internet service and other services required by the Arizona department of housing.

   6. (f) Administrative costs, including costs for the following:

      1. (i) Accounting and auditing.
      2. (ii) Office supplies.
      3. (iii) Compliance and asset management.
      4. (iv) Monitoring imposed by the Arizona department of housing.
      5. (v) Attorney fees.
      6. (vi) Payroll and payroll taxes.
      7. (vii) Employee benefits.
      8. (viii) Security.
      9. (ix) Supportive and any other services stipulated by the affirmative land use restrictive covenants agreement.
      10. (x) Marketing, leasing, advertising and promotion.
   7. (g) Property management fees.
   8. (h) Ground and land lease costs.
   9. (i) Property and liability insurance.
   10. (j) Taxes, except property taxes determined pursuant to subsection B of this section.
   11. (k) Required replacement and operating reserves.
   12. (l) For properties for which the tenants pay their own utility costs, utility costs for common areas and vacant units.
   13. (m) Any other costs imposed pursuant to the affirmative land use restrictive covenants agreement.

2. 2. "Actual annual income":

   1. (a) Means all operating income generated from the rental of real property, including rents, application and late fees and forfeited security deposits.
   2. (b) Does not include the federal income tax credits or investment proceeds resulting from the federal income tax credits that are allocated to the owner.