42 U.S.C. § 1434 : US Code - Section 1434: Records; contents; examination and audit

Search 42 U.S.C. § 1434 : US Code - Section 1434: Records; contents; examination and audit

Every contract between the Department of Housing and Urban
Development and any person or local body (including any corporation
or public or private agency or body) for a loan, advance, grant, or
contribution under the United States Housing Act of 1937, as
amended [42 U.S.C. 1437 et seq.], the Housing Act of 1949, as
amended [42 U.S.C. 1441 et seq.], or any other Act shall provide
that such person or local body shall keep such records as the
Department of Housing and Urban Development shall from time to time
prescribe, including records which permit a speedy and effective
audit and will fully disclose the amount and the disposition by
such person or local body of the proceeds of the loan, advance,
grant, or contribution, or any supplement thereto, the capital cost
of any construction project for which any such loan, advance,
grant, or contribution is made, and the amount of any private or
other non-Federal funds used or grants-in-aid made for or in
connection with any such project. No mortgage covering new or
rehabilitated multifamily housing (as defined in section 1715r of
title 12) shall be insured unless the mortgagor certifies that he
will keep such records as are prescribed by the Secretary of
Housing and Urban Development at the time of the certification and
that they will be kept in such form as to permit a speedy and
effective audit. The Department of Housing and Urban Development
and the Comptroller General of the United States shall have access
to and the right to examine and audit such records. This section
shall become effective on the first day after the first full
calendar month following the date of approval of the Housing Act of
1961.