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shall cover the preceding three month period; shall indicate progress made in <br /> undertaking the Project; and shall provide such financial management information as <br /> is required by the City. <br /> 3. Annual Reports <br /> The Agency's fiscal year runs from January 1st through December 31st. The Agency <br /> shall file with the City, by June 30th of each year, a Combined Funders Annual Report, <br /> (WBARS—Web Based Annual Reporting System), or such other form of annual report <br /> as the City may require, covering the preceding fiscal year, the first such report to be <br /> due on June 30th of the year following the project being placed in service (Issuance of <br /> a Certificate of Occupancy), and the last such report to be due ninety (90) days after <br /> the end of the fiscal year following the expiration or termination of this Agreement. The <br /> report shall contain such information as the City may then require, including, but not <br /> limited to, the following: <br /> a. A financial accounting of the fiscal condition of the Project, required whenever <br /> financial assistance is provided by the City. This financial accounting, which may <br /> include an audit, if so required by the City, shall include financial statements <br /> indicating surplus or deficits in operating accounts, a detailed itemized listing of <br /> income and expenses, and the amounts of any fiscal reserves, and others such <br /> information as may be required by the City to determine the financial condition and <br /> financial viability of the project. Such financial report shall be prepared in <br /> accordance with the requirements of the City and if an audit is required, the audit <br /> shall be certified by an independent certified public accountant licensed in the <br /> State of Washington or other accountant acceptable to the City; <br /> b. A description of any substantial physical defects in the Project, including a <br /> description of any major repair or maintenance work undertaken in the reporting <br /> year; and <br /> c. The occupancy of the Project, indicating: <br /> 1) Each tenant's annual income, family size and composition, race, length of <br /> tenancy, and actual monthly rent paid; <br /> 2) A rent roll to demonstrate that rents for the City HOME-Assisted units comply <br /> with the HOME rent limits and do not result in undue increases from the <br /> previous year; <br /> 3) Records demonstrating the Agency's efforts to comply with its Fair Housing <br /> Marketing and Equal Opportunity Plan; <br /> 4) The number of residents actually occupying the Project; <br /> 5) The number of assisted households earning at or below 30% of median <br /> income, between 30% and 50% of median income, between 50% and 60% of <br /> median income, and between 60% and 80% of median income; <br /> Loan Agreement <br /> Housing Hope Properties <br /> Page 42 of 51 <br />