[Code of Federal Regulations]
[Title 24, Volume 3]
[Revised as of April 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 24CFR572.425]

[Page 192-193]
 
                 TITLE 24--HOUSING AND URBAN DEVELOPMENT
 
  CHAPTER V--OFFICE OF ASSISTANT SECRETARY FOR COMMUNITY PLANNING AND 
        DEVELOPMENT, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
 
PART 572_HOPE FOR HOMEOWNERSHIP OF SINGLE FAMILY HOMES PROGRAM (HOPE 3)--Table of Contents
 
                  Subpart E_Other Federal Requirements
 
Sec. 572.425  Recordkeeping and reports; audit of recipients.

    (a) General records. Each recipient must keep records that will 
facilitate an effective audit to determine compliance with program 
requirements and that fully disclose:
    (1) The amount and disposition by the recipient of the planning and 
implementation grants received under this part, including sufficient 
records that document the reasonableness and necessity of each 
expenditure;
    (2) The amount and disposition of proceeds from financing obtained 
in connection with the program, sales to eligible families, and any 
funds recaptured upon sale by the homeowner;
    (3) The total cost of the homeownership program;
    (4) The amount and nature of any other assistance, including cash, 
property, services, or other items contributed as a condition of 
receiving an implementation grant;
    (5) The cost or other value of all in-kind contributions towards the 
match required by Sec. 572.220; and
    (6) Any other proceeds received for, or otherwise used in connection 
with, the homeownership program under this part.
    (b) Family size and income; racial, ethnic, and gender data. The 
recipient must maintain records on the family size and income, and 
racial, ethnic, and gender characteristics of families who apply for 
homeownership and families who become homeowners.
    (c) Selection procedures. The recipient must maintain a copy of its 
procedures for identifying and selecting eligible families in accordance 
with Sec. 572.110, and records documenting the eligibility of each 
family selected for homeownership.
    (d) Rehabilitation standards. The recipient must maintain written 
rehabilitation standards required by Sec. 572.100(d)(5).
    (e) Cooperative and condominium agreements. The recipient must 
maintain a copy of any condominium and cooperative association 
agreements for properties under a homeownership program approved under 
this part.
    (f) Amounts available for reuse. The recipient must keep and make 
available to HUD all records necessary to calculate accurately payments 
due to HUD under Sec. 572.135(b) and (c).
    (g) Access by HUD and the Comptroller General. For purposes of 
audit, examination, monitoring, and evaluation, each recipient must give 
HUD (including any duly authorized representatives and the Inspector 
General) and the Comptroller General of the United States (and any duly 
authorized representatives) access to any books, documents, papers, and 
records of the recipient that are pertinent to assistance received under 
this part, including all records required to be kept under this section.

[[Page 193]]

    (h) Reports. The recipient must submit reports required by HUD.

(Approved by the Office of Management and Budget, with respect to 
implementation grants, under control number 2506-0128)