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Page <br /> III. USE OF PROPERTY 17 <br /> A. Beneficiaries 17 <br /> 1. HOME-Assisted Units 17 <br /> 2. City-Assisted Units 17 <br /> B. Period of Affordability 18 <br /> C. Rent Restriction: 19 <br /> 1. Establishing Initial Rents, 19 <br /> 2. HOME-Assisted Unit Rent Increases and Utility Allowances 19 <br /> 3. Maximum Rents with Federal or State Rent Subsidy Programs 19 <br /> 4. Rent Increases 19 <br /> 5. Rent Overcharges 20 <br /> D. Federal or State Rent Subsidies 20 <br /> E. Designation of HOME Units; Floating, Fixed Units 21 <br /> F. Qualification as Affordable Rental Housing and Other HOME Provisions 21 <br /> G. Maintenance 23 <br /> H. Taxes, Assessments, and Encumbrances 23 <br /> I. Eligibility for Admission 23 <br /> J. Resident Selection Procedures; Management Plan • 24 <br /> K. Lease and Occupancy Procedures 25 <br /> L. Damage/Replacement Charges 25 <br /> M Termination of Lease 25 <br /> N. Management and Maintenance 25 <br /> O. Section 504, Covenants 26 <br /> P. Project Restructuring, Transfer, Sale, Change of Use 27 <br /> IV. FISCAL MANAGEMENT 28 <br /> A. Eligible Costs 28 <br /> B. Payments and Disbursements 28 <br /> C. Budget Revisions and Other Adjustments 30 <br /> D. HOME Maximum Subsidy Limits (per unit) 30 <br /> E. HOME Award Retainage 31 <br /> F. Repayment of HOME Funds 31 <br /> G. Budget Surplus 32 <br /> H. Required Reserves 32 <br /> I. Tenant Security Deposits 33 <br /> J. Use of Income from Operations 33 <br /> K. Insurance 34 <br /> V. RECORDS AND REPORTS 39 <br /> A. Records 39 <br /> B. Reports 41 <br /> VI. ENFORCEMENT OF THE AGREEMENT 44 <br /> A. Disputes 44 <br /> B. Breach by Agency; Termination by City 45 <br />