R2007-70 AUTHORIZING AGREEMENT - Laserfiche WebLink

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III. ADMINISTRATIVE REQUIREMENTS A. Financial Management 1. NHDC shall maintain a proper accounting system as approved by HUD for HOME funds, as set forth in OMB Circular A-122 and certain provisions of 24 CFR Part 84. A separate account shall be established especially for the HOME Program funds. NHDC agrees to adhere to generally accepted accounting principles and procedures, utilize adequate internal controls, and maintain necessary source documentation for all costs incurred. 2. NHDC shall comply with the requirements of OMB Circular A-133 regarding audit requirements for non-profit organizations. If NHDC expends less than $300,000 a year in federal awards and is therefore not required to prepare an audit for that year, records must be available for review or audit by appropriate officials of HUD, the City, and the General Accounting Office. 3. Proper accounting shall be verified by an annual Financial Statement prepared by an independent, qualified certified public accountant and submitted to the City within three months after the end of NHDC's fiscal year, or, if required, a Certified Audit conducted by an independent, qualified certified public accountant and submitted to the City within 6 months after the end of NHDC's fiscal year. Any deficiencies noted in the financial report or audit must be fully cleared by NHDC within 30 days after receipt by the City. Failure of NHDC to comply with the above accounting requirements,without City approval of a justifiable cause,will constitute a violation of this contract and may result in the withholding of future payments. B. Record-Keeping NHDC shall maintain records on all activities conducted using HOME program funds. Such records shall provide a full description of each activity undertaken, demonstrate project eligibility and approval, all project closeout requirements, financial and payout documentation, and such other information as deemed necessary. Records shall be maintained for at least five years a$er final project closeout. All records with respect to any matters covered by this agreement shall be made available to the City, grantor agency, their designees or the Federal Government, at any time during normal business hours, as often as the City or grantor agency deems necessary, to audit, examine, and make excerpts or transcripts of all relevant data. IV. PROJECT REQUIREMENTS A. Affordability Requirements NHDC agrees that it will adhere to the requirements stated at 24 CFR Subpart F for the use of HOME funds for acquisition and rehabilitation housing projects. Specifically, HOME-assisted units in a housing project must be occupied only by households that are eligible as low to moderate-income households, and must meet requirements to qualify as affordable housing including maximum property value, nondiscrimination, affordability 3