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given sufficient notification of and explanation for this action. Costs incurred after the <br /> expiration of this contract will not be reimbursed, unless prior written permission to incur <br /> such costs is received from the City. <br /> N. ADMINISTRATIVE REQUIREMENTS <br /> A. Financial Management. <br /> East Lake shall maintain a proper financial management system to provide effective <br /> control over and accountability for all HOME funds. East Lake agrees to adhere to I <br /> generally accepted accounting principles and procedures, utilize adequate internal I <br /> controls, and maintain necessary source documentation for all costs incurred. �', <br /> B. Record-Keeping ! <br /> East Lake shall maintain records on all activities conducted using HOME program funds, <br /> as specified at 24CFR 92.508(a)(3). Specifically, a separate file shall be maintained on <br /> each unit constructed using HOME funds. Such records shall provide demonstration of <br /> compliance with requirements of subpart F of the HOME final rule,Part 92. Records <br /> shall be 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 /> V. PROJECT REQUIREMENTS <br /> A. General Requirements <br /> East Lake agrees that it will adhere to the requirements stated at 24 CFR Part 92.254 for <br /> the use of HOME funds for housing that is for acquisition by a family. Specifically, <br /> HOME funds must be used to construct housing that is single-family, modest housing, <br /> which is acquired by a homebuyer who qualifies as low-income (with income less than <br /> 80 percent of the area median),meets the applicable affordability period, and has the <br /> appropriate resale or recapture provisions imposed prior to closing. <br /> B. Selection <br /> East Lake shall submit information to the City regazding each housing unit•to be <br /> constructed under this Agreement. This information shall include: unit address and <br /> description,proposed construction schedule, construction cost estimate, and amount of <br /> HOME funds requested. East Lake shall submit documentation to the City for approval <br /> of any changes including location,projected budget needs, etc. <br /> C. Completion <br /> The construction schedule for each unit shall include dates of major construction <br /> milestones and target completion date. The City will monitor progress on the project to <br /> 3 __ <br />