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2 <br /> 2 . The Grantee shall comply with reporting requirements established by HUD and OMB <br /> ( including all revisions to such reporting requirements) and the Federal Funding <br /> Accountability and Transparency Act (Pub . L . 109-282 ) ( including implementing <br /> guidance) . <br /> 3 . Subject to the provisions of this Grant Agreement, HUD will make NSP3 Grant Funds in <br /> the amount of $ 1 ,500,428 available to the Grantee upon execution of this Grant <br /> Agreement by the parties . Of that amount, $375, 107 must be used to house individuals or <br /> families whose incomes do not exceed 50 percent of area median income, pursuant to <br /> Dodd-Frank Act. The Grantee shall have 24 months from the date of HUD ' s execution <br /> of this Grant Agreement to expend half of the NSP3 Grant amount pursuant to the <br /> requirements of this Agreement, the Dodd-Frank Act, the Recovery Act, HERA and the <br /> NSP3 Notice, as amended . The Grantee shall have 36 months from the date of HUD ' s <br /> execution of this Grant Agreement to expend the total NSP3 Grant amount pursuant to <br /> the requirements of this Agreement, the Dodd- Frank Act, the Recovery Act, HERA and <br /> the NSP3 Notice, as amended . The NSP3 Grant Funds may be used to pay eligible costs <br /> arising from eligible uses incurred after the NSP3 Approval Date provided the activities <br /> to which such costs are related are carried out in compliance with all applicable <br /> requirements . Pre- award planning and general administrative costs may not be paid with <br /> funding assistance except as permitted in the NSP3 Notice, as amended. Other pre- award <br /> costs may not be paid with funding assistance except as permitted by 24 CFR 570 . 200(h) ; <br /> for purposes of NSP3 , such costs are limited to those incurred on or after the date that the <br /> NSP3 Notice was published by HUD . <br /> 4 . The Grantee agrees to assume all of the responsibilities for environmental review, <br /> decisionmaking, and actions , as specified and required in regulations issued by the <br /> Secretary pursuant to section 104(g) of Title I of the Housing and Community <br /> Development Act, as amended (42 U . S . C . 5304) and published in 24 CFR Part 58 , <br /> 5 . The Grantee agrees that it will demolish or convert units using NSP3 funds only to the <br /> extent and scope described in the NSP3 substantial amendment . The Grantee agrees that <br /> under no circumstances will NSP3 funds be used to demolish any public housing ( as <br /> defined in section 3 of the United States Housing Act of 1937 (42 U . S . C . 1437a)) , <br /> 6 . The Grantee agrees to comply with the Recovery Act provisions concerning tenant <br /> protections applicable to NSP3 acquisitions of foreclosed property. The Grantee must <br /> document its efforts to ensure that the initial' successor in interest (ISII) in a foreclosed <br /> upon dwelling or residential real property (typically, the initial successor in interest in <br /> property acquired through foreclosure is the lender or trustee for holders of obligations <br /> secured by mortgage liens) has provided bona fide tenants with the notice and other <br /> protections outlined in the Recovery Act. The Grantee will not use NSP3 funds to <br /> finance the acquisition of property from any initial successor in interest that failed to <br /> comply with applicable requirements unless the Grantee assumes the obligations of such <br /> initial successor in interest with respect to bona fide tenants . If the Grantee elects to <br /> assume such obligations, it may only do so if the tenant is still occupying the property <br /> and will provide any tenant displaced as a result of the NSP3 funded acquisition with the <br />