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<br />"" <br /> <br />DHCD will decide on the use of program income, based upon the Program <br />Design guidelines. The Management Team will receive regular financial <br />reports showing all income earned and returned to DHCD. <br /> <br />5. ADMINISTRATION: Briefly state who will manage the Program Income funds, <br />who will implement the activities and how the activities will be carried out. <br /> <br />The City of Portsmouth will be responsible for receiving direct payments. <br />The funds will be deposited in a non- interest bearing escrow account and <br />identified as revenue then immediately transmitted to DHCD. Funds will be <br />accounted for separately on the City of Portsmouth's balance sheet. <br />Program income shall be returned to DHCD's Financial Analyst. <br /> <br />The City of Portsmouth will implement the activities in accordance with the <br />Project Management Plan, the Program Design and the Grant Management <br />Manual. The V A Procurement Act will be followed. The City of <br />Portsmouth will ensure compliance. <br /> <br />I certify that this is the plan of this locality for use of income derived from <br />the Neighborhood Stabilization Program. I further certify that the governing <br />body Board fully intends to carry out this plan. I certify that the City of <br />Portsmouth will record program income funds in a separate, distinct account <br />and remit said funds to DHCD within 21 days of receipt. I understand that <br />the Virginia Department of Housing and Community Development will <br />review the records maintained of program income funds. <br /> <br />Signature of Authorized Official <br /> <br />Date <br /> <br />2 <br />