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3 . Progress Reports <br /> Developer shall submit regular Progress Reports to the Grantee in the form, <br /> content, and frequency as required by the Grantee . <br /> D . Procurement <br /> 1 . Compliance <br /> Developer shall maintain inventory records of all non -expendable personal <br /> property as may be procured with funds provided herein . All program assets <br /> ( unexpended program income, property, etc . ) not otherwise disposed of in the closeout <br /> agreement shall revert to Grantee upon termination of this Agreement . <br /> 2 . Procurement Process <br /> Developer is not subject to Part 85 or Part 84 of Title 24 of the Code of Federal <br /> Regulations and is not required to competitively procure materials, property, or <br /> services . With respect to selecting contractors, however, Developer, shall ensure that : <br /> • All estimated costs are eligible , reasonable and necessary <br /> • The contractor has the needed capacity and expertise <br /> • The contractor is not federally debarred <br /> E . Use of and Reversion of Assets <br /> The use and disposition of real property and equipment under this Agreement shall be <br /> in compliance with the requirements of 24 CFR Part 84 for Part 85] and 24 CFR 570 . 503 , <br /> 570 . 504, and 570 . 505 , as applicable , which include but are not limited to the following : <br /> 1 . Developer shall transfer to Grantee any NSP3 funds on hand and any <br /> accounts receivable that are attributable to the use of funds under this Agreement at <br /> the time of expiration , cancellation , or termination, unless otherwise specified in the <br /> HUD closeout agreement with Grantee . <br /> 2 . Real property under the Developer' s control that was acquired or <br /> improved , in whole or in part, with funds under this Agreement shall be used in <br /> accordance with this Agreement If Developer fails to use NSP3 -assisted real property in <br /> a manner that meets NSP3 affordability and benefit requirements within and for the <br /> prescribed period of time, Developer shall comply with the applicable sections under 24 <br /> CFR 570 . 503 , 570 . 504, and 570 . 505 . <br /> III . RELOCATION , REAL PROPERTY ACQUISITION AND ONE = FOR- ONE <br /> HOUSING REPLACEMENT <br /> . .. 11 <br /> 17r� age <br />