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DocuSign Envelope ID:002619DF-54F2-4EEA-B4A8-14714544BAC0 <br /> rehabilitate, and occupy the Project dwelling units within this time or by extensions <br /> approved by the County under the terms of this Agreement, Owner will be required to <br /> repay the full amount of the County's outstanding loan as provided in the loan documents. <br /> a. Owner shall ensure that the Project dwelling units meet the Section 8 Housing <br /> Quality Standards (HQS) prior to leasing. All repair work must be completed in <br /> accordance with applicable building and zoning ordinances and N.C. Housing <br /> Finance Agency Energy Standards. <br /> b. Any tenants residing in the Project dwelling units at the time of acquisition of the <br /> Project dwelling units that are displaced due to the repair work must be notified in <br /> writing of the need for temporary relocation and must be adequately housed in the <br /> community. Owner must submit within 90 days of the date of this Agreement a <br /> detailed written report of the relocation plan for all tenants. All relocation activities <br /> will be fully funded by Owner. <br /> C. Owner is responsible for verifying the income of prospective tenants and maintaining <br /> eligibility data. Owner shall maintain tenant files as part of its Books and Records as <br /> required and for the period of time required by Section VIII. C.6 of this Agreement. Owner <br /> must provide the County an initial occupancy report verifying the income eligibility the <br /> tenant at the time of initial lease-up. Owner must furnish the County with an annual report <br /> on each Project dwelling unit by July 31 of each year thereafter certifying that the tenant <br /> is earning no more than 80% of the area median income by family size, as determined by <br /> the U.S. Department of Housing and Urban Development and as amended from time. <br /> D. Each Project dwelling unit must have a value that does not exceed 100% of its appraised <br /> value. An independent, qualified appraiser must conduct the appraisal. <br /> E. Owner must submit an annual rental operations budget to the County each year at least <br /> sixty days prior to the July 1 beginning date for the fiscal year. <br /> F. Owner agrees and authorizes the County to conduct on-site reviews, examine client and <br /> contractor records, client applications and to conduct any other procedures or practices to <br /> assure compliance with these provisions. <br /> G. Owner agrees to not violate any State or Federal laws, rules or regulations regarding a <br /> direct or indirect illegal interest on the part of any employee or elected official of the Owner <br /> in the Project or payments made pursuant to this Agreement. <br /> H. Owner agrees that to the best of its knowledge, neither the Project nor the funds provided <br /> therefore, and the personnel employed in the administration of the program shall be in any <br /> way or to any extent engaged in the conduct of political activities in contravention of <br /> Chapter 15 of Title 5, United States Code, referred to as the Hatch Act. <br /> I. Owner shall comply with audit requirements contained in 2 CFR, Subpart F which <br /> requires Owner to have an annual audit conducted within nine (9) months of the end of <br />