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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 />e. Preparing any required tax forms for recipients of LAHA funds. <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. <br />b. All City of Hugo LAHA funds will be transferred to the CDA under this <br />agreement. The funds will be transferred to the CDA within 60-days <br />after the City receives the funds from the State of Minnesota. <br />c. The City directs the CDA to use its LAHA funds as follows: <br /> <br />i. All funds shall be used within the City of Hugo. <br />ii. The distribution of the funds for qualifying projects shall be <br />approved by the City of Hugo Community Development <br />Director. <br />iii. The City reserves the right to use the funds on qualifying <br />projects in Hugo that do not fit under a specific Washington <br />County program. The City will work with Washington County <br />as early as reasonably possible on the Qualifying Project <br />funding request. <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 within 60-days after the City receives the funds.