credit agency (or an agent or other private contractor of such agency) will follow in monitoring for— (i) noncompliance with the provisions of this section and the qualified rental reduction agreement and in notifying the Internal Revenue Service of any such noncompliance of which the agency becomes aware, and (ii) noncompliance with habitability standards through regular site visits, and (C) the plan requires a person receiving a credit allocation to report to the rental reduction credit agency such information as is necessary to ensure compliance with the provisions of this section and the qualified rental reduction agreement. (f) Qualified rental reduction agreement For purposes of this section— (1) In general The term qualified rental reduction agreement means, with respect to any residential rental property (as defined in section 168(e)(2)(A)), a written, binding agreement between a rental reduction credit agency and the owner of such building which specifies— (A) the number of eligible senior units within such building for which a rental reduction credit amount is being allocated, (B) the credit period for such building, (C) the rental reduction credit amount allocated to such building (and dwelling units within such building), (D) the applicable percentage to be used in computing the qualified rental reduction amounts with respect to the building, and (E) the method for determining the amount of rent which may be charged for eligible senior units within the building. (2) Compliance requirements A qualified rental reduction agreement shall provide that the owner of a building receiving a rental reduction credit amount shall comply with all reporting and other procedures established by the State to ensure compliance with this section and the agreement. (3) Projects In the case of a rental reduction credit allocated to a project consisting of more than 1 building, the rental reduction credit agency may provide for a single qualified rental reduction agreement which applies to all buildings which are part of