Agmt10 CDBG County of San Mateo Department of Housing

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A. Contractor, if a governmental entity or public agency, will comply with the requirements and standards of OMB Circular No. A -87, "Principles for Determining Costs Applicable to Grants and Contracts with State, Local and Federally Recognized Indian Tribal Governments ", OMB Circular A -133, "Audits of State, Local Governments and Non - Profit Organizations ", and applicable sections of 24 CFR §85 "Uniform Administrative Requirements for Grants and Cooperative Agreements to State and Local Governments ", as set forth in 24 CFR §570.502(a). B. Contractor, if a non - profit organization, shall comply with the requirements and standards of OMB Circular No. A- 122, "Cost Principles for Non - Profit Organizations ", OMB Circular A -133 Audits of State, Local Governments and Non - Profit Organizations ", and applicable Attachments to OMB Circular No. A -110, as set forth in 24 CFR §570.502(b). 8. RETENTION OF RECORDS Notwithstanding Section 13 A of the Agreement, the Contractor shall retain all financial records, supporting documents, statistical records, and all other records pertinent to the Agreement for a period of five (5) years after completion of all services rendered under this Agreement. 9. CDBG PROGRAM INCOME Ifs specifically authorized in this agreement, Contractor may keep CDBG program income. p Y g Y P P 9 In all cases CDBG program income must be used for CDBG eligible activities. Program income is defined at 24 CFR 570.500 as gross income that is directly generated from the use of CDBG funds. Program income includes, but is not limited to: proceeds from the disposition by sale or long -term lease of real property purchased or improved with CDBG funds; proceeds from the disposition of equipment purchased with CDBG funds; gross income from the use or rental of real or personal property acquired with CDBG funds, less costs incidental to generation of the income; and gross income from the use or rental of real property that was constructed or improved with CDBG funds, less costs incidental to generation of income. For activities funded with CDBG funds, Contractor shall comply with CDBG program income requirements at 24 CFR 570.503 and 504. Unless specifically designated otherwise by the County herein, any program income on hand when the agreement expires, or received after the agreement's expiration, will be transferred to the County. 10. REVERSION OF ASSETS, INCLUDING REAL PROPERTY Upon expiration or completion of the performance period in agreements providing CDBG funds for real property, any real property under Contractor's control that was acquired or improved in whole or in part with CDBG funds (including CDBG funds provided to Contractor in the form of a loan) must either be: used to meet one of the national objectives in Section 570.208 until five (5) years after expiration of the agreement, or for such longer period as the County may determine to be appropriate; or not used to meet one of the national objectives, in which event the Contractor shall pay the County an amount equal to the current market value of the property less any portion of the value attributable to expenditures of non -CDBG funds for the acquisition of, or improvements to, the property. DOH Rev. September. 2010 FOCC $15,000 CDBG Page 19 of 21