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2. Records coverin'o displacement and acquisitions must be retained for five ( ' 5) years after the date by which all persons displaced from the property and all persons whose property is acquired for the project have received the final payment to which they are entitled in accordance with 24 C.F.R. Part 92. 3. For rental housing developments, records must be retained for five (5) years after the project completion date; except that records of individual tenant income verifications, project rents and project inspections must be retained for the most recent five (5) year period, until five (5) years after the affordability period terminates. D. Administrator acknowledges that Department is subject to the Texas Public Information Act and Administrator agrees that funds received from the Department are subject to the Texas Public Information Act and the exceptions to disclosure as provided under the Texas Public Information Act. E. Administrator shall include the substance of this Section 6 in all of its subcontracts. SECTION 7. REPORTING REQUIREMENTS A. Administrator shall submit to Department such reports on the operation and performance of this contract as may be required by Department, including but not lirnited to the reports specified in this section. Administrator shall provide Department with all reports necessary for Department's compliance with 24 C.F.R. Part 92. B. In addition t4 the limitations on_.liahili.i}---athP,-wLsP.--spec'-f=~ -i-n-41iis--c~ac#~ iIt--is-- expressly understood and agreed by the Parties hereto that if Administrator fails to submit to Department in a timely and satisfactory manner any report required by this contract or _ the HOME Manual, Department may, at its sole option and in its sole discretion, withhold any or all disbursements otherwise due or requested by Administrator hereunder. If Department withholds such disbursements, it shall notify Administrator in writing of its decision, the reasons for this action and the time period in which Administrator must bring itself into compliance. Disbursements withheld pursuant to this paragraph may be held by Department until such time as the Administrator is in compliance with the requirements for which funds are being withheld. If Administrator fails to perform as required within the stated cure period, Department may terminate this contract and Administrator hereby agrees and acknowledges that upon termination, Adrninistrator's rights to any funds shall be terminated. C. In addition to other reports, the Administrator shall provide reports to Department regarding program activities to evidence progress of performance in accordance with the requirements of the Act, 10 TAC §53 and contained in the Performance Statement and Budget (Exhibit A). SECTION 8. MONITORING Department reserves the right to carry out field inspections and desk reviews to ensure compliance with the requirements of this contract. After each monitoring visit or desk review, HOME Contract # 1000930 ~ 000110 Page5of21