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, <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 /> utilize adequate internal controls, and maintain necessary source documentation for all <br /> costs incurred. <br /> 2. NHDC shall comply with the requirements of OMB Circular A-133 regarding <br /> audit requirements for non-profit organizations. If NHDC expends less than$300,000 a <br /> year in federal awards and is therefore not required to prepaze an audit for that year, <br /> records must be available for review or audit by appropriate officials of HCTD, the City, <br /> and the General Accounting Office. <br /> 3. Proper accounting shall be verified by an annual Financial Statement prepared <br />� by an independent, qualified certified public accountant and submitted to the City within <br /> three months after the end of NHDC's fiscal year, or, if required, a Certified Audit <br /> conducted by an independent, qualified certified public accountant and submitted to the <br /> City within 6 months after the end of NHDC's fiscal year. Any deficiencies noted in the <br /> financial report or audit must be fully cleared by NHDC within 30 days after receipt by <br /> the City. Failure of NHDC to comply with the above accounting requirements,without <br /> City approval of a justifiable cause,will constitute a violation of this contract and may <br /> result in the withholding of future payments. <br /> B. Record-Keeping <br /> NHDC shall maintain records on all activities conducted using HOME program funds. <br /> Such records shall provide a full description of each activity undertaken, demonstrate <br /> project eligibility and approval, all project closeout requirements, financial and payout <br /> documentation, and such other information as deemed necessary. Records shall be <br /> maintained for at least five years after final project closeout. <br /> All records with respect to any matters covered by this agreement shall be made available <br /> to the City, grantor agency, their designees or the Federal Government, at any time <br /> during normal business hours, as often as the City or grantor agency deems necessary, to <br /> audit, examine, and make excerpts or transcripts of all relevant data. <br /> IV. PROJECT REQUIREMENTS <br /> A. Affordability Requirements <br /> NHDC agrees that it will adhere to the requirements stated at 24 CFR Subpart F for the <br /> use of HOME funds for rental housing. Specifically,HOME-assisted units in a rental <br /> housing project must be occupied only by households that aze eligible as low-income <br /> families, and must meet requirements to qualify as affordable housing including rent <br /> limitations,nondiscrimination, affordability periods, and compliance with property <br /> standards. The initial rents for HOME-assisted units shall be at a level not to exceed those <br /> established by the U.S. Department of Housing and Urban Development for the Decatur, <br /> IL MSA for the year 2005, and shall not increase more than annually and not to a level <br /> greater than established by HUD for that year. HOME-assisted housing units must <br /> remain affordable to low- and moderate-income persons for not less than the applicable <br /> 3 <br />