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agreement must be fully cleared by DCRM within 30 days after receipt by the City. <br /> Failure of DCRM to comply with the above audit requirements will constitute a violation <br /> of this contract and may result in the withholding of future payments. <br /> B. Record-Keeping <br /> DCRM shall maintain records on all activities conducted using HOME program funds. <br /> Such records shall provide demonstration of compliance with requirements of subpart F <br /> of the HOME final rule, Part 92 including tenant eligibility, unit affordability, property <br /> standards, all project closeout documentation, financial and payout documentation, and <br /> such other information as deemed necessary. Records shall be maintained for at least <br /> 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 /> V. PROJECT REQUIREMENTS <br /> A. General Requirements <br /> DCRM 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 are 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. HOME-assisted housing units must remain affordable to low- and moderate- <br /> income persons for not less than the applicable period for the amount of assistance <br /> provided. <br /> B. Completion <br /> The project proposal shall include a schedule for completion in a timely manner. The <br /> schedule shall include dates of major construction milestones and target completion date. <br /> The City will monitor progress on the project to ensure that the schedule is being <br /> maintained. Any extensions to the proj ect schedule must be explained to the City in <br /> writing. <br /> C. Project Closeout/Final Payment <br /> The City reserves the right to withhold up to the final ten percent (10%) of total <br /> reimbursement on a project until all closeout documentation is received. Closeout <br /> documentation shall consist of: final payout requests, final property inspection sheets and <br /> certificate of occupancy, and a completed HOME Rental Project Compliance Report. <br /> 3 <br />