R2023-17 Resolution Accepting Grant from the Illinois Housing Development Authority Home Repair and Accessibility Program

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efforts to secure sufficient appropriations to fund the Loans. However, IHDA's obligations hereunder shall cease immediately, without penalty, if. (a) the Illinois General Assembly fails to make an appropriation sufficient to pay such obligations; (b) adequate funds are not appropriated or granted to IHDA by the Illinois General Assembly to allow IHDA to fulfill its obligations under this Letter; or (c) funds appropriated are de-appropriated or not allocated, or if funds needed by IHDA, at IHDA's sole discretion, are insufficient to complete the Project. IHDA shall give the Sponsor notice of insufficient funding as soon as practicable. The Sponsor's obligation to perform shall cease upon receipt of the notice. 2. Other Contingencies. IHDA's performance of its obligations under this Letter, dated as of the date set forth above, is also contingent upon the Sponsor's completion or satisfaction of each and all of the terms and conditions listed below to IHDA's sole satisfaction. IHDA's performance is also contingent upon its determination, in its sole discretion, on the Closing Date (as hereinafter defined) and each date thereafter upon which Funds are to be disbursed, that the (a) funds received from all sources listed above, plus any additional funds provided by the Sponsor or any other funding source, will be sufficient to complete the Rehabilitation of the Homes constituting the Project; and (b) Sponsor, its constituent or related entities, or its members, shareholders or other related individual, not being in default under the terms of any other loan or grant made by IHDA under the Trust Fund or any other IHDA program, or not having been in default under the terms of any other loan or grant made by IHDA under any IHDA program and failed to cure that default. B. GENERAL CONDITIONS: This Letter and the Funds shall be subject to the terms and conditions of the Trust Fund Act, the Rules, the Illinois Housing Development Act, 20 ILCS 3805/1 et seq., as amended from time to time (the "Act"), and the rules, policies and procedures now or hereafter adopted by IHDA pursuant to the Act, all as amended and supplemented from time to time. In addition, the Sponsor shall review and become familiar with the program requirements as set forth in that certain HRAP Program Manual (as amended and supplemented from time to time, the "Program Manual"). The Program Manual shall be incorporated into the Funding Agreement by this reference and will be available electronically upon request prior to the Closing Date. C. TERMS AND CONDITIONS OF THE FUNDS: The provision of the Funds shall be subject to the following terms and conditions: 1. Amount of Funds. The Funds shall be in the amount not to exceed FOUR HUNDRED THOUSAND AND NO/100 DOLLARS ($400,000.00). 2. Conditions of Funds. As set forth above, Loans to Low Income Households and Very Low Income Households for Full or Accessibility Rehabilitation shall (a)not exceed Forty- Five Thousand and No/100 Dollars($45,000.00)each, (b)bear no interest, (c)have a term of five (5)years (as applicable,the "Term"), and (d)be forgiven at the rate of one-sixtieth(1/60`)of the amount of the Loan at the end of each month throughout the Term. Loans to Low Income Households for Roof Rehabilitation shall (i)not exceed Twenty-One Thousand Five Hundred and No/100 Dollars ($21,500.00) each, (ii) bear no interest, (iii) have a term of three (3) years (as 2