R2011-130 AUTHORIZING AMENDMENT - Laserfiche WebLink

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D. Duration of Agreement. This agreement shall be in effect until such time as the housing unit specified is completed and sold to an income-eligible household, and appropriate encumbrances/liens are in place to ensure the housing unit will remain affordable throughout the required minimum (five-ten) year affordability period. All funds received under this Agreement must be expended within one year from the date of this agreement unless an extension is granted by the City Council. A request for any extension to this term of agreement shall be made in writing and shall include an explanation for why it is required. The City shall inform NWRAPS within four weeks of the receipt of the request for extension as to whether it has been granted. All provisions of this Agreement, and specifically those in Section IV A., shall remain in effect throughout the affordability period which has been established for the HOME-assisted units. All deeds and/or mortgages shall reflect the applicable affordability period and name the city as an interested party to ensure HUD affordability requirements are satisfied. NWRAPS will be required to provide a copy of the documents (deed/mortgages) which will reflect the affordability period. II. REPORTING AND REIMBURSEMENT PROCEDURE A. Monthly Reporting NWRAPS shall provide the City with monthly progress reports and financial reports. Monthly reports shall be submitted to the City by the tenth (10th) working day of the succeeding calendar month. Monthly reports shall include the status of all projects currently underway, financial expenditures to date, any anticipated revisions to the project budget, and any other pertinent information. The City reserves the right to request additional information as necessary before processing reimbursement requests. Reimbursements will only be processed if NWRAPS is current with submissions of monthly reports. B. Reimbursement Reimbursements to NWRAPS will be made upon receipt by the City by way of Pay Requests and all supporting documentation. Supporting documentation shall include invoices or receipts for payment, lien waivers, bank statements, and final inspection reports on any work for which City permits and inspections are required (See 24 CFR 504(c)(2)(vi). NWRAPS shall submit pay requests to the City at least once and not more than twice, per month. The City of Decatur will pay to NWRAPS funds available under this contract based upon information submitted by NWRAPS and consistent with the approved budget as long as the expenses were incurred after the Notice to Proceed was issued. Payments will be made for eligible expenses actually incurred by NWRAPS, and not to exceed actual cash requirements. In addition, the City reserves the right to reduce funds available under this contract for costs incurred by the City on behalf of NWRAPS, as long as NWRAPS is given sufficient notification of and explanation for this action. C. Monitoring 2