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HOME FUNDING FORGIVABLE LOAN AGREEMENT <br /> This HOME FUNDING FORGIVABLE LOAN AGREEMENT (hereinafter referred to as <br /> the "Agreement") made this 15th day of June, 2022,between the City of Decatur,a <br /> municipal corporation, (hereinafter,the "City"),and Carrie Lane Supportive Housing LLC, <br /> an Illinois limited liability company (the"Owner"),which is an affiliate of the Macon <br /> County Mental Health Board (Collectively City and Owner shall be referred to as the <br /> "Parties"). <br /> RECIPTALS WHEREAS,the City is committed to preserving and upgrading its affordable <br /> housing stock; and <br /> WHEREAS, the City has entered into a Grant Agreement with the U.S. Department of <br /> Housing and Urban Development (HUD) pursuant to Title 11 of the Cranston-Gonzalez <br /> National Affordable Housing Act, under the HOME Investment Partnerships Program (the <br /> "HOME Program"); and <br /> WHEREAS. the City has identified specific affordable housing needs as a priority in its <br /> Consolidated Plan, and has approved the allocation of federal HOME Program Funds in the <br /> amount of$250,000 to develop and establish twenty residential units to provide affordable <br /> rental housing for very low-and low- income families; and <br /> WHEREAS, Owner seeks to develop and maintain low- and very low- income housing while <br /> continuing to improve the quality of housing in the City of Decatur; and <br /> WHEREAS, the Owner agrees to acquire, develop, and provide rental housing to remain <br /> affordable for not less than twenty(20) years; <br /> NOW, THEREFORE, in consideration of the recitals set forth above, and the mutual <br /> covenants and obligations of the parties as set forth below, it is agreed as follows: <br /> WITNESSETH: <br /> 1. SCOPE OF PROJECT. The City agrees to provide to the Owner a forgivable loan in the <br /> amount of$250,000.00, subject to an award to the City by HUD of$250,000.00 in HOME <br /> Program Funds. Owner agrees to use the funds to acquire and develop ten (10) of the <br /> overall twenty (20) residential units to provide affordable rental housing to very low- <br /> and low- income persons located within the City of Decatur. <br /> 2. DEFERRED FORGIVABLE LOAN. <br /> a. The City has approved a deferred forgivable loan, in favor of Owners in the amount <br /> of Two Hundred Fifty Thousand Dollars ($250,000.00), upon the terms and <br /> conditions set forth in the Promissory Note, Mortgage and Security Agreement, and <br /> HOME Program Deed Restriction, hereto attached as Exhibits A, B, and C, <br /> 1 <br />