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EF-267-L1-R15-0519-41000558-3
BOE-267-L1 (P3) REV. 15 (05-19)
SECTION 6. MANAGING GENERAL PARTNER REQUIREMENTS
A. Managing General Partner Designation.
(1) Limited partnership agreement expressly designates the nonprofit corporation as the managing general partner.
(2) Managing general partner is authorized to receive a partnership management fee or similar form of compensation payable in the amount
and manner set forth in the limited partnership agreement or other agreement executed by all of the general partners.
(3) Managing general partner has material participation in the control, management and direction of the limited partnership’s
business (see Section 6.B.).
(4) Officers and directors of the for-profit general partners, for-profit limited partners, or any of its for-profit affiliates, do not, as individuals or
collectively, have a controlling vote or majority interest in the managing general partner.
B. Material Participation.
The managing general partner is a general partner that has “material participation” in the control, management, and direction of the limited
partnership’s business, in that the managing general partner has a right to vote in all the major decisions, including any actions which require
a vote of a majority in interest of the general partner; performs substantial management duties (at least 5 of the 12 duties listed in Section
6.C.); directly or indirectly, under its supervision, manages the limited partnership; annually conducts a physical inspection of the low-income
housing property to ensure that the property is being used as low-income housing and meets all of the requirements of the welfare exemption
for low-income housing properties; annually submits a certification to the County Assessor of the county in which the property is located that
the low-income housing property meets all Welfare Exemption requirements for low-income housing properties.
C. Substantial Management Duties.
The managing general partner actually performs at least 5 of 12 following partnership management duties:
(1) Managing general partner rents, maintains and repairs the low-income housing property, or if such duties are delegated to a property
management agent, participates in hiring and overseeing the work of the property management agent.
(2) Managing general partner participates in hiring and overseeing the work of all persons necessary to provide services for the management
and operation of the limited partnership business.
(3) Managing general partner executes and enforces all contracts executed by the limited partnership.
(4) Managing general partner executes and delivers all partnership documents on behalf of the limited partnership.
(5) Managing general partner prepares or causes to be prepared all reports to be provided to the partners or lenders on a monthly,
quarterly, or annual basis consistent with the requirements of the limited partnership agreement.
(6) Managing general partner coordinates all present and future development, construction, or rehabilitation of low-income housing property
that is the subject of the limited partnership agreement.
(7) Managing general partner monitors compliance with all government regulations and files or supervises the filing of all required documents
with government agencies.
(8) Managing general partner acquires, holds, assigns or disposes of property or any interest in property.
(9) Managing general partner borrows money on behalf of the limited partnership, encumbers limited partnership assets, places title in the
name of the nominee to obtain financing, prepays in whole or in part, refinances, increases, modifies or extends any obligation.
(10) Managing general partner pays organizational expenses incurred in the creation of the partnership and all operational expenses.
(11) Managing general partner determines the amount and timing of distributions to partners and establishes and maintains all required
reserves.
(12) Managing general partner ensures that charitable services or benefits, such as vocational training, education programs,
childcare and after-school programs, cultural activities, family counseling, transportation, meals, and linkages to health and/or social
services are provided or information regarding charitable services or benefits are made available to the low-income housing tenants.
SECTION 7. DELEGATION OF AUTHORITY
A. The person making this claim certifies that the limited partnership agreement (please check applicable box):
Contains a delegation of authority clause
Does not contain a delegation of authority clause
B. If the limited partnership agreement contains a delegation of authority clause, such clause provides that:
The managing general partner may not delegate any of its partnership management duties, as identified in Rule 140.1, subdivision (a)(10) and
defined in Section 6 or
The managing general partner may delegate its partnership management duties, as identified in Section 6, to persons who under its supervision,
may perform such duties for the partnership subject to the supervision by the managing general partner.
C. The managing general partner has delegated some or all of its partnership management duties identified in Section 6:
Yes No
If yes, please list each duty delegated, the date delegated, and the person or entity performing such duty (attach additional pages if necessary):
THIS STATEMENT IS SUBJECT TO AUDIT
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