; (ii) annual third-party confirmation of actual utility consumption and cost for owner-paid utilities; (iii) annual third-party validation of the tenant utility allowances in effect during the applicable year and vacancy rates for each unit type; and (iv) annual third-party determination of savings to the Secretary. (2) Term The term of an agreement under this section shall be not longer than 12 years. (3) Entity eligibility The Secretary shall— (A) establish a competitive process for entering into agreements under this section; and (B) enter into such agreements only with entities that demonstrate significant experience relating to— (i) financing and operating properties receiving assistance under a program described in subsection (a); (ii) oversight of energy and water conservation programs, including oversight of contractors; and (iii) raising capital for energy and water conservation improvements from charitable organizations or private investors. (4) Geographical diversity Each agreement entered into under this section shall provide for the inclusion of properties with the greatest feasible regional and State variance. (c) Plan and reports (1) Plan Not later than 90 days after the date of enactment of this Act, the Secretary shall submit to the Committees on Appropriations of the House of Representatives and the Senate a detailed plan for the implementation of this section. (2) Reports Not later than 1 year after the date of enactment of this Act, and annually thereafter, the Secretary shall— (A) conduct an evaluation of the program under this section