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2 <br />b. Maintaining complete and accurate records of funds received and all <br />disbursements. <br />c. Ensuring timely expenditure of LAHA funds by December 31 in the <br />third year following the disbursement. If funds cannot be spent on <br />Qualifying Projects by the deadline due to factors outside of the <br />control of the CDA, the CDA will work with the City to transfer funds <br />to a local housing trust fund. <br />d. Preparing an annual report to the Minnesota Housing Finance <br />Agency, as required starting December 1, 2025, under Minnesota <br />Statutes, Section 477A.35, subd. 6(b). <br />2.2 Compliance. The CDA shall comply with all LAHA requirements. <br />2.3 Identification and Use of LAHA Funds. <br />a. All LAHA funds received and expended under this Agreement will be <br />spent solely on Qualifying Projects, defined under Minnesota <br />Statutes, Section 477A.35, subd. 4 and 5, in the city of Lake Elmo. <br />b. The City will receive $48,810.97 in LAHA funding from the State of <br />Minnesota, of which $48,810.97 will be transferred to the CDA under <br />this Agreement. <br />c. The City directs the CDA to use its LAHA funds as follows: <br />i. CDA’s Home improvement loans $48,810.97 <br /> <br />3. TRANSFER OF FUNDS. <br />3.1 Transfer by the City. The City shall transfer the LAHA funds received from <br />the State to the CDA. The Parties shall cooperate and mutually agree upon <br />the amount, timing, and transfer of funds to the CDA. <br />3.2 CDA Retention. The CDA shall deposit and maintain the funds received <br />under this Agreement in a separate internal account. The CDA shall <br />maintain appropriate records of funds. The CDA shall administer and <br />disburse all LAHA funds in accordance with this Agreement. <br />3.3 Funding Contingency. The CDA’s obligations under this Agreement are <br />specifically contingent upon the disbursement of funds by the State and the <br />City’s transfer of funds to the CDA. <br />3.4 CDA Expenses. Unless allowable as a Qualifying Project, administrative <br />and salary expenses incurred by the CDA will be paid by the CDA’s special <br />benefit levy and/or program service fees.