Common use of PERIOD OF RECORD RETENTION Clause in Contracts

PERIOD OF RECORD RETENTION. All records pertaining to each fiscal year of HTF funds must be retained in a se- cure location for the most recent 5- year period, except as provided below. (1) For rental housing projects, records may be retained for 5 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 5-year period, until 5 years after the affordability period terminates. (2) For homeownership housing projects, records may be retained for 5 years after the project completion date, except for documents imposing resale or recapture restrictions that must be retained for 5 years after the affordability period terminates. (3) Written agreements must be re- tained for 5 years after the agreement terminates. (4) Records covering displacements and acquisitions must be retained for 5 years after the date by which all per- sons displaced from the property and all persons whose property is acquired for the project have received the final payment to which they are entitled, in accordance with § 93.352.