R2008-99 AUTHORIZING AGREEMENT - Laserfiche WebLink

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. � , HOME PROGRAM FY2007-08 COMMUNITY HOUSING DEVELOPMENT ORGANIZATION (CHDO) AGREEMENT THIS AGREEMENT, entered into on the lOth day of June , 2008 by and between the City of Decatur, Illinois, hereinafter called the "City", and the Neighborhood Housing Development Corporation, organized under the laws of the State of Illinois, hereinafter called "NHDC". WHEREAS, the City has entered into an agreement with the U.S. Department of Housing and Urban Development, hereinafter called "HCTD", for the purpose of conducting a HOME Program; and whereas the City has received a special allocation from HUD for housing to be developed or owned by a Community Housing Development Organization, hereinafter called "CHDO", for the purpose of providing single-family homeownership opportunities for low to moderate income households; and whereas NHDC has been identified as a CHDO, subject to the terms and conditions stated below; and whereas NHDC submitted a proposal dated April 18, 2008 to conduct activities eligible under the HOME program guidelines and requested a grant of HOME funds to carry out the activities under the stated proposal. NOW, THEREFORE, the parties in consideration thereto mutually agree and covenant as follows: I. SCOPE OF SERVICE A. NHDC may receive up to $95,000 in CHDO set-aside and $4,750 in CHDO operating from the City under the HOME Program to implement the proposed activities. Funding will be dispersed based upon actual project expenditures, for a total not to exceed the grant amount of$99,750. B. NHDC shall use the funds as outlined in the revised proposal dated April 18, 2008, specifically, for eligible costs of acquisition, construction, soft costs and other eligible items associated with the purchase and renovation of two-3 bedroom vacant structures located at 1315 E. Clay St., with a recommended HOME allocation of$50,000 and 1609 E. Clay St.,with a recommended HOME allocation of$45,000, for the housing � rehabilitation initiative. Each structure will be rehabilitated to building housing code ' standards and incorporate innovative green building and energy efficiency practices, features, and technologies for eligible low to moderate-income homeowners at or below 80%AMI (area median income). All additional sources of funds for the project must be confirmed prior to the start of the project, or adjustments to the budget must be submitted to the City to confirm that the project is able to be completed without the use of the additional funding source(s). C. NHDC shall not obligate or expend any funds under the terms of this agreement until a written Notice to Proceed is issued by the Economic and Urban Development Department of the City of Decatur. The Notice to Proceed shall be issued following completion of all conditions of this Agreement which include (1) completion of environmental review requirements, and (2) confirmation of additional funding sources as stated in I.B. above. 1