; and (B) a rent adjustment is necessary to support financing for rehabilitation; and (2) submits a rehabilitation plan to extend the useful life of the property for not less than 25 years, including remediation of all existing health, sanitation, and safety concerns. (c) Reporting requirement During the period during which a property for which a budget-based rental adjustment is approved under subsection (b) is being rehabilitated, the owner of the property shall submit to the Secretary a quarterly report that includes— (1) a description of the progress made on, and expenses incurred for, capital improvements and debt service; (2) a detailed list of outstanding improvements; (3) the expected completion date for each outstanding improvement described in paragraph (2); and (4) any other information required by the Secretary. 7. Codification of Uniform Physical Condition Standards inspection timelines for units receiving project-based rental assistance (a) Definition In this section, the term covered property means a property that receives project-based rental assistance under section 8 of the United States Housing Act of 1937 ( 42 U.S.C. 1437f ). (b) Scoring and ranking of physical condition The Secretary shall score and rank the physical condition of covered properties in accordance with this section. (c) Methodology for ranking (1) In general The Secretary shall score each covered property on the basis of a 100-point scale. (2) Fractions In scoring a covered property under paragraph (1), the Secretary shall round— (A) a score that includes a fraction below one half point to the next lower full point; and (B) a score that includes a fraction of one half point or higher to the next higher full point. (d) Designations and frequency of inspections (1) Standard 1 performing property The Secretary shall— (A) designate a covered property that receives a score of not less than 90 points on its physical condition inspection as a standard 1 performing property