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154934 <br />3 <br />II. Documentation Re uirements for Draadoans to Establish Investment Accounts. <br />Prior to requesting an HDG disbursement for investment purposes, the Grantee <br />Shall have obtained a letter from the principal project architect o contractor <br />or contrec or r <br />t will will <br />that, based on its inspection and other available a knowledge, and requirements <br />i 60 project be <br />is local n the able defined to yshi initial occupancy n compliance with all g requested draadown. issued by ccupan <br />jurisdiction s de dy to r l lean from the tew e of the tq <br />oforathehtirsteunit. the Certificate of Occupancy is <br />nded for project costs, the sum of MN <br />f <br />In down relation i to other 'urposespand any HDG funds draw t etogP61 ratio. <br />drawn down not investment Q P <br />grant funds designated for investment are held back when the <br />► costs must not exceed the maximum rate based on the P <br />If o porion of the 9 <br />r major portion is drawn down based ona van estheSr'oanrfundsnlntplece of the aw own <br />re of t to the leveraging <br />ratio, O hers may cero C h e t <br />and the desired rate <br />L holdback later e ot ret <br />bur�nt with HDG funds to achieve time Y <br />III. Financla "ent Sstems. <br />As indicated in 24 CFR 850.69, each grantee is required to maintain a finan- <br />cial management system that complies with Attachment 6 of OMB Circular A -102, <br />'Standards for Grantee Financial Management Systems.` and Among the financial system concerns are accuracy, timeliness funds; andoccompleteness <br />et atene <br />ne <br />of records; identification of sources and applications s; en ur o e Of funds; <br />t <br />procedures to minimize the time lapse between receipt and expenditure xile <br />nd se <br />adequacy of source documentation of transactions, especially HDG <br />procedures for determining the acceptability of project costs in G accordance isburfeme nds; with <br />f OMB downs audit <br />and useioflminority�ownednfinancial einsti�tutionsPncernin9 -87; <br />draw downs o <br />IV. Audit and Re ortin Re uirements. <br />Grantees must allocate resources for and include the Housing DeveloPmen appropriate. <br />Grant program in the Single <br />or provinc d audit pursuant to OMB Circular A -128. Additional <br />p for by HUD as It finds necessary or <br />audits may be undertaken or p <br />A format for Grantee progres5 reportsein compliance with the requirements of <br />24 CFR 850.75 is currently funds <br />Grantees will be required to report on the sources and oCegrant their to <br />expenditures. will be established In the upcoming <br />at ditures closeout. SPeCltf � reporting Lenders <br />regers will also be req <br />remorandum on cost certification and project closeout. <br />