Compliance Guidance

The documents below are related to the compliance and reporting requirements for existing VRA borrowers. Although the list is meant to be helpful for guiding general compliance actions, always refer to the financing agreements for a complete list of requirements unique to individual loan terms.

Audited Financial Statements

Every borrower is required to submit audited financial statements or an Annual Comprehensive Financial Report (ACFR) each year.

Proof of Insurance

Most borrowers are required to submit proof of insurance coverage which insurance providers can send annually to VRA upon the insured’s request.

Certificate As to No Default

Every borrower is required to submit a certificate as to no default. A customized template may be requested from the VRA Compliance Team.

Budget and Accompanying Cover Page

Alongside the adopted budget, please submit a cover page indicating budgeted coverage to meet the loan’s rate covenant, if applicable. For convenience, a sample cover page can be found here.

Rate Covenant Compliance

Rate covenants are detailed in the financing agreement. The financing agreement will also specify the corrective actions to take if the rate covenant is not met.

Debt Service Reserve Fund

For loans requiring a debt service reserve fund, verify the balance in the account meets the reserve requirement specified in the financing agreement.

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