Common use of PERIOD OF RECORD RETENTION Clause in Contracts

PERIOD OF RECORD RETENTION. All records pertaining to each fiscal year of HOME funds must be retained for the most recent five year period, ex- cept as provided below. (1) For rental housing projects, records may be retained for five years after the project completion date; ex- cept that records of individual tenant income verifications, project rents and project inspections must be retained for the most recent five year period, until five years after the affordability period terminates. (2) For homeownership housing projects, records may be retained for five years after the project completion date, except for documents imposing recapture/resale restrictions which must be retained for five years after the affordability period terminates. (3) For tenant-based rental assistance projects, records must be retained for five years after the period of rental as- sistance terminates. (4) Written agreements must be re- tained for five years after the agree- ment terminates. (5) Records covering displacements and acquisition must be retained for five years after the date by which all persons displaced from the property