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';i � <br /> three weeks of the receipt of the request for extension as to whether it has been granted. <br /> All provisions of this Agreement, and specifically those in Section V. A., shall remain in <br /> effect throughout the five-year affordability period which has been established for the <br /> HOME-assisted units <br /> II. REPORTING AND REIMBURSEMENT PROCEDURE <br /> A. Monthly Reporting. <br /> NHDC shall provide the City with monthly progress reports and financial reports. <br /> Monthly reports shall be submitted to the City by the tenth (l Oth) working day <br /> of the succeeding calendar month. Monthly reports shall include the status of all projects <br /> currently tmderway, financial expenditures to date, any anticipated revisions to the <br /> project budget, and any other pertinent information. The City reserves the right to <br />, request additional information as necessary before processing reiinbursement requests. <br /> Reimbursements will only be processed if NHDC is current with submissions of monthly <br /> reports. <br /> B. Reimbtirsement <br /> Reimbursements to NHDC will be made upon receipt by the City by way of Pay <br /> Requests and all supporting documentation. Supporting documentation shall include <br /> invoices or receipts for payment, lien waivers, and final inspection reports on any work <br /> for which City permits and inspections are required. NHDC shall submit pay requests to <br /> the City at least once and not more than twice, per month. <br /> The City of Decatur will pay to NHDC funds available under this contract based upon i, <br /> information submitted by NHDC and consistent with any approved budget as long as <br /> they were incurred after the Notice to Proceed was issued. Payments will be made for <br /> eligible expenses actually incurred by NHDC, and not to exceed actual cash <br /> requirements. In addition, the City reserves the right to reduce funds available under this <br /> contract for costs incurred by the City on behalf of NHDC, as long as NHDC is given <br /> sufficient notification of and explanation for this action. <br /> C. Monitoring <br /> The City sha�l continue to monitor NHDC's compliance with the terms stated in Section <br /> IV.E. of this Agreement throughout the five-year affordability period. Specifically, <br /> NHDC shall provide evidence on an annual basis that it is in compliance with the rent <br /> and income requirement as determined annually by the U.S. Department of Housing and <br /> Urban Development, and with all applicable property standards as stated in Section V.D. <br /> III. ADMINISTRATIVE REQUIREMENTS <br /> A. Financial Management. <br /> 1. NHDC shall maintain a proper accounting system as approved by HUD for <br /> HOME funds, as set forth in OMB Circular A-122 and certain provisions of 24 CFR Part <br /> 84. A separate account shall be established especially for the HOME Program funds. <br /> NHDC agrees to adhere to generally accepted accounting principles and procedures, <br /> 2 <br />