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shall contain provisions for the conversion of a reasonably comparable market <br /> rate unit in the event that the tenant of aii affordable unit should exceed allowable <br /> income parameters, in accordance with DHCD and MassHousing standards. <br /> 21. The maximum number of affordable units allowed by law and applicable subsidy <br /> program, but no more than seventy (70%) percent of the units, shall be reserved <br /> for present residents of Mashpee, or the parents of present Mashpee residents, or <br /> employees of the Town of Mashpee or teachers employed by the school district <br /> serving Mashpee or employees of the Mashpee Water District. A lottery shall be <br /> established in a form approved by DHCD to effectuate this local preference, with <br /> an approved secondary lottery for all other applicants. No occupancy permits <br /> may be granted until the Board has approved the lottery plan, such approval not to <br /> be unreasonably withheld. If the Board does not approve or disapprove of the <br /> lottery plan within 30 clays of submission, then such lottery plan shall be deemed <br /> approved. The Board shall be kept apprised of all events in the lotter}7 process. <br /> The Housing Assistance Corporation shall serve as the lottery agent, provided that <br /> the Mashpee Affordable Housing Committee (MAHC) shall be given a full <br /> opportunity to be directly involved with the lottery process. To that end, the HAC <br /> shall keep the MAHC filly informed of all steps in the lottery process and shall <br /> give the MAHC to participate in the lottery process. <br /> 22. The Monitoring Agent for the project shall be CHAPA, provided that it is <br /> acknowledged that MassHousing may also perform certain monitoring functions. <br /> The Applicant shall provide the Board with copies of any and all correspondence, <br /> documents and statements provided by the Applicant to the Monitoring Agent or <br /> from the Monitoring Agent to the Applicant. The copy of the Monitoring <br /> Services Agreement must be approved by the Board's Counsel, such approval not <br /> to be unreasonably withheld, and executed prior to the issuance of occupancy <br /> permits. If the Board's Counsel does not approve or disapprove of the Monitoring <br /> Services Agreement within 30 days of submission,then such Agreement shall be <br /> deemed approved. <br /> 23.. The Applicant may earn no more than 20% profit for the home ownership portion <br /> of the project, with all excess profit being paid to the Town of Mashpee for the <br /> exclusive purpose of facilitating affordable housing. Similarly, the Applicant may <br /> earn no more than a 100/0 return per year for the rental portion of the project, with <br /> all excess profits being used for affordable housing purposes, as may be <br /> consistent with applicable law and subsidy requirements. Neither the Board nor <br /> the Town need be a party to any Regulatory Agreement that is executed by and <br /> between the Applicant and MassHousing but the Applicant shall provide the <br /> Board with a copy of any such agreement. Additionally, the Applicant shall <br /> provide the Board with a copy of any and all limited dividend audits certified <br /> cost/income statements, as well as any other correspondence or documents that <br /> are shared by and between the Applicant and the Nonitoring Agent and their <br /> respective sub-contractors. The Applicant shall also provide the Board with a <br /> copy of each deed and each HUD settlement statement for the initial sale of each <br /> final permit 16 <br />