Each urban renewal agency shall keep an accurate account of all its activities, receipts and expenditures in connection with the planning and execution of urban renewal projects and shall annually in the month of January make a report of such activities, receipts and expenditures to the Department and the mayor of the city or to the selectmen of the town within which such authority is organized. In cases where the urban renewal agency cannot conveniently submit the annual report in January, the Department will permit an urban renewal agency to submit the report in a different month, with prior Department approval.

1. (a) The urban renewal agency shall comply with all requests of the Department for any other reports, audits of accounts, and records of the project, and other assurances that the project is being executed on schedule and in accordance with the approved Urban Renewal Plan.
2. (b) Retention of Project Records. All project records shall be maintained and kept for a period of seven years following project completion or three years following the date of final resolution of all legal claims, whichever occurs later. All such records shall be available for inspection by the Department.