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<br />ARTICLE 5 <br />Uniform Administrative Requirements. Cost Princioles and Program Income <br /> <br />5.1. If Administrator is a governmental entity then Administrator shall comply with the requirements of 24 <br />C.F.R. part 85, the OMS Circulars therein referenced, and 24 C.F.R. part 92 as applicable. <br />Administrator shall maintain records of the receipt, accrual, and disposition of all program income in the <br />same manner as required for all other funds under this Contract. Administrator shall provide reports of <br />program income as requested by Department during the Contract Period and at the term ination of this <br />Contract. <br /> <br />5.2. If Administrator is a non-profit organization, Administrator shall comply with requirements of 24 C.F.R. <br />part 84, the OMB Circulars therein referenced, and 24 C.F.R. part 92 as applicable. <br /> <br />ARTICLE 6 <br />Retention And Accessibilitv Of Records <br /> <br />6.1. Administrator must establish and maintain sufficient records, as determined by Department, including <br />but not limited to those listed under 24 C.F.R. part 92. <br /> <br />6.2. Administrator agrees that the Department, the Comptroller of the United States, or any of their duly <br />authorized representatives, shall have the right to access and to examine all books, accounts, records, <br />reports, files, and other papers or property belonging to or in use by Administrator pertaining to this <br />Contract. Administrator agrees to maintain such records at the following address: 135 Southeast 1st <br />Street, Paris, Texas 75460. <br /> <br />6.3. All records pertinent to this Contract shall be retained by Administrator for a period of five years <br />following the date of HUD's close-out of the Department's program funding year, with the following <br />exceptions: <br /> <br />A. If any litigation, claim, negotiation, audit, monitoring, inspection or other action has started <br />before the expiration of the required record retention period records must be retained until <br />completion of the action and resolution of all issues which arise frol11 it, or until the end of the <br />required period, whichever is later. <br /> <br />B. Records covering displacement and acquisitions must be retained for five years after the date by <br />which all persons displaced from the property and all persons whose property is acquired for the <br />project have received the final payment to which they are entitled in accordance with 24 C.F.R. <br />part 92. <br /> <br />C. For rental housing projects, records may be retained for five years after the project completion <br />date; except that records of individual tenant income verifications, project rents and project <br />inspections must be retained for the most recent five year period, until five years after the <br />affordability period terminates. <br /> <br />D. For homeownership housing projects, records may be retained for five years after the project <br />completion date, except for documents imposing recapture/resale restrictions which must be <br />retained for five years after the affordability period terminates. <br /> <br />E. For tenant based rental assistance projects, records must be retained five years after the period of <br />rental assistance terminates. <br /> <br />6.4. Administrator shall include the substance of this Article 6 in all of its subcontracts. <br /> <br />53039 5C ilyo (Paris.doc <br />Page 3 of 16 <br />