R2005-185 AUTHORIZING EXECUTION OF AGREEMENT

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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 after 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. N. PROJECT REQUIREMENTS A. Selection NHDC shall use the fiznds as outlined in the proposal dated September 30, 2005; specifically, for eligible costs of pre-development, site improvements, utility connections, construction, soft costs and other eligible items associated with the construction of six 3- bedroom, single family homes located at a site named Sheridan Circle near the corner of Cantrell Street and South Martin Luther King Jr. Drive, legally described as Lot One of Southside Manor Addition.NHDC shall submit documentation to the City for approval of any changes in the use of these funds. B. Approval The City shall submit the project for environmental and historical preservation review as needed. The City shall review each proposal for consistency with program obj ectives, construction budget estimates, and other elements as deemed necessary. NHDC shall not obligate any of the HOME funds budgeted for the project until a written Notice to Proceed is received from the City. C. Completion NHDC shall submit a schedule for completion of each of the six housing units in a timely manner. The schedule shall include dates of major construction/rehabilitation milestones and target completion date. The City will review the project to deternune if the length of time proposed for completion of each unit and the project as a whole is reasonable and, if not, will reach an acceptable agreement with NHDC. In general, the total project shall be 25% completed by July 2006, 50% completed by December 2006, 75% completed by May 2007, and 100%completed by October 2007. The City will monitor progress on the project to ensure that the schedule is being maintained. 3