Reso 1997-021 to 025 - Laserfiche WebLink

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c 4. All housing assisted through this contract shall meet at a minimum the HOME affordability requirements of 24 CFR Part 92.252 or 92.254. For all housing assisted through this contract, CONTRACTOR agrees to execute a regulatory agreement that will be recorded as a deed restriction and will specify a term of affordability that will last at least fifty-nine (59) years from the issuance of the certificate of occupancy. 5. CONTRACTOR shall maintain on a current basis complete records, including books of original entry, source documents supporting accounting transactions, eligibility and service records as may be applicable, a general ledger, personnel and payroll records, cancelled checks, and related documents and records to assure proper accounting of funds and performance of this contract in accordance with instructions provided and to be provided by CITY. CONTRACTOR shall comply with all such instructions. 6. CONTRACTOR shall maintain project -specific records demonstrating compliance with the HOME regulations at 24 CFR Part 92, Subpart F, concerning property standards, energy efficiency, tenant protection, qualification as affordable housing, and other project requirements. These records shall be made available for inspection by CITY upon CITY's request. 7. As required by HOME regulations, all project records are to be retained by CONTRACTOR for at least three (3) years beyond the term of affordability for the units acquired, rehabilitated or constructed under this contract. Because the term of affordability under this contract is fifty-nine (59) years, CONTRACTOR shall retain records for a minimum of sixty-two (62) years. CONTRACTOR will cooperate with CITY in the preparation of, and will furnish any and all information required for reports to be prepared by CITY as may be required by the rules, regulations, or requirements of CITY or of any other governmental entity. CONTRACTOR will also permit access to all books, accounts, or records of any kind to CITY or to any other governmental entity for purposes of audit or investigation, in order to ascertain compliance with the provisions of this contract. 8. CONTRACTOR shall abide by the Federal requirements specified in the HOME regulations at 24 CFR Part 92, Subpart H, governing equal opportunity, fair housing, affirmative marketing, relocation, labor standards, environmental review, lead -based paint, and other federal requirements. 9. CONTRACTOR agrees to indemnify and hold harmless the CITY and all its officers, agents, volunteers, and employees, for any and all liability caused by the negligence or wrongful act of CONTRACTOR arising out of the performance of this agreement, and to pay all claims, damages, judgements, legal costs and attorney's fees related thereto.