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