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, . <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 fve 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. I <br /> N. PROJECT REQUIREMENTS � <br /> A. Selection ' <br /> NHDC shall use the funds as outlined in the proposal dated AuQust 5, 2005 and the letter ' <br /> sent to NHDC by the City dated September 8, 2005; specifically, for eligible costs of pre- <br /> development, construction, soft costs and other eligible items associated with the , <br /> construction of six 3-bedroom, single family homes located at a site named Sheridan , <br /> Circle near the corner of Cantrell Street and South Martin Luther King Jr. Drive, legally ', <br /> described as Lot One of Southside Manor Addition. NHDC shall submit documentation I <br /> to the City for approval of any changes in the use of these funds. ' <br /> B. Approval , <br /> The City shall submit each project for environmental and historical preservation review ' <br /> as needed. The City shall review each proposal for consistency with program objectives, '�, <br /> construction budget estimates, and other elements as deemed necessary. NHDC shall not , <br /> obligate any of the HOME funds budgeted for the project until a written Notice to ' <br /> Proceed is received from the City. ' <br /> C. Completion ' <br /> Each project proposal shall include a schedule for completion in a timely manner. The <br /> schedule shall include dates of major construction/rehabilitation milestones and tazget I <br /> completion date. The City will review each project to determine if the length of time <br /> proposed for project completion is reasonable and, if not, will reach an acceptable , <br /> agreement with NHDC. The City will monitor progress on the project to ensure that <br /> 3 <br />