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C. Before the Grant Agreement is signed, the Grantee may incur cost for activities which <br /> are exempt from environmental review under 24 CFR Part 58 and may charge the <br /> costs to the grant. <br /> ARTICLE IV. Progress Reports. <br /> A. The Grantee shall submit to the Grant Officer a progress report every six months after <br /> the effective date of the Grant Agreement. Progress reports shall consist of (1) a <br /> narrative of work accomplished during the reporting period and (2) a completed <br /> Financial Status Report - Form 269 A. <br /> HUD may require additional information or increased frequency of reporting as <br /> described in Article VII ( C ). <br /> B. The performance reports must contain the information required under 24 CFR Part <br /> 85.40(b) (2) or 24 CFR Part 84.51(a), as applicable including a comparison of actual <br /> accomplishment to the objectives indicated in the approved application, the reasons <br /> for slippage if established objectives were not met, and additional pertinent <br /> information including explanation of significant cost overruns. <br /> C. No grant drawdowns will be approved for projects with overdue progress reports. <br /> ARTICLE V. Project Close-out. <br /> A. The grantee shall submit to the Grant Officer a written request to close-out the grant <br /> 30 days after the grantee has drawn down all funds and completed the activities <br /> described in the application, as may be amended. The final report shall consist of (1) <br /> • a narrative of all work accomplished during the project period and (2) a completed <br /> Financial Status Report- Form 269 A covering the entire project period. <br /> HUD will then send the Close-out Agreement and Close-out Certification to the <br /> Grantee. At HUD's option, the Grantee may delay initiation of project close-out until <br /> the resolution of any HUD monitoring findings. If HUD exercises this option the <br /> Grantee must promptly resolve the findings. <br /> B. The Grantee recognizes that the close-out process may entail a review by HUD to <br /> determine compliance with the Grant Agreement by the Grantee and all participating <br /> parties. The Grantee agrees to cooperate with any review in any way possible, <br /> including making available records requested by HUD and the project for on-site <br /> HUD inspection. <br /> 7 <br />