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funds under this Agreement until the funds are needed for payment of eligible costs (such funds shall be used solely towards the acquisition and rehabilitation of the Property). The amount of each request shall be limited to the amount needed. 11.15 Eligible Costs, Developer shall use HOME Funds to pay costs defined as "eligible costs" pursuant to 24 CFR 92,206, 11.16 Records and Reports. Developer shall maintain and from. time to time submit to City such records, reports and information as the Executive Director may reasonably require in order to permit City to meet the record keeping and reporting requirements required of it pursuant to 24 CFR 92.508. 11.17 Uniform Administrative Rg uirements Cost Principles, and Audit Requirements for Federal Awards. Developer shall comply with the requirements and standards of 2 CFR 200. 11,18 Conflict of Interest. Developer shall comply with and be bound by the conflict of interest provisions set forth at 24 CFR 570,611, as well as state regulations pertaining to conflict of interest, 11.19 Monitoring Developer shall allow the City to conduct periodic inspections of the HOME assisted units on the Property as required by the Program after the date of rehabilitation completion, with reasonable notice. Developer shall cure any defects or deficiencies found by the City while conducting such inspections within two weeks of written notice thereof, or such longer period as is reasonable within the sole discretion of the City. L L.20 Recertification of Tenant Income. (A) Developer shall take all necessary steps to review the income of all tenants prior to renting to them, as well as reviewing current tenants on an annual basis, in accordance with HOME regulations and guidelines. Every fifth (5tt') year, Developer shall require new original income documents to be submitted by tenants. Tenants in HOME assisted units whose incomes no longer comply with federal income guidelines shall have their rents adjusted in accordance with Federal HO VIE guidelines (24 CFR 92.252-92.253). (B) HOME assisted units continue to qualify as affordable housing despite a temporary non-compliance caused by increases in the incomes of existing tenants if actions satisfactory to HUD are being taken to ensure that all vacancies are filled in accordance Nvith this section until the non-compliance is corrected. 11.21 Other ROME Program Rectuiireernents. Developer shall comply with all other applicable requirements of the HOME Program. 11,22 Controlling _Covenants. 1f there is a discrepancy between State and Federal law with regard to any of the aforementioned covenants, the more stringent shall apply. 25