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5• 1'ro�ertv Records <br /> The Subrecipient shall maintain real ro e <br /> identify properties purchased, improved, or sold. P op rties retaine hall contin ec ocm ety <br /> eligibility criteria and shall conform with the "changes in use" restrictions specified in 24 CFR <br /> Parts 570.503 (b) (g), <br /> 6. National Obiectives <br /> The Subrecipient agrees to maintain documenta.tion that demonstrates that the <br /> activities carried out with funds provided under this contract meet one or more of the CDBG <br /> program's national objectives - 1) benefit low/moderate income persons; 2) aid in the prevention <br /> or elimination of slum or blight; 3)meet community development needs having a particular <br /> urgency - as defined in 24 CFR Part 570.208. <br /> 7. Close-Outs <br /> Subrecipient obligation to the City shall not end until all close-out requirements <br /> aze completed. Activities during tius close-out period shall include, but are not limited to; <br /> m�ng final payments, disposing of program assets (including the return of all unused materials, <br /> equipment, unspent cash advances,program income balances, and receivable accounts)to the <br /> C1tY, and determining the custodianship of records. <br /> . 8. Audits and Inspections <br />' All Subrecipient records with respect to any matters covered by this agreement <br /> shall be made available to the City, grantor agency, their designees or the Federal Government, at <br /> any t�me durin$normal business hours, as often as the City or grantor agency deems necessary, <br /> to audit, examine, and make excerpts or transcripts of a11 relevant data. Any deficiencies noted in <br /> audit reports must be fu11y cleared by the Subrecipient within 30 days.a.fter receipt by the <br /> Subrecipient. Failure of the Subrecipient to comply witii the above audit requirements will <br /> constitute a violation of this contract and may result in the withholding of future payments. The <br /> Subrecipient hereby agrees to have an annual agency audit conducted if total federal funds <br /> received equal $100,000 or more. <br /> C. Reportin�and Pavment Procedures <br /> � 1. Bud ets <br /> The Subrecipient will adhere to the detailed contract budget, as revised (if <br /> applicable), that was submitted with the application and attachment to the contract infers <br /> acceptance by the City. The City and the Subrecipient may agree to revise the budget from time <br /> to time as rnutually agreed, only if it remains in conformance with City Council's wishes. <br /> 7 <br />