R2007-221 AUTHORIZING FUNDING AGREEMENT

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� HOME PROGRAM FY2006-07 AFFORDABLE HOUSING DEVELOPMENT AGREEMENT THIS AGREEMENT, entered into on the 13}�` day of �ooe�.c6c� , 2007 by and between the City of Decatur, Illinois, hereinafter called the "City", and the Near West Restoration And Preservation Society, organized under the laws of the State of Illinois, hereinafter called "N WRAP S". WHEREAS, the City has entered into an agreeinent with the U.S. Departinent of Housing and Urban Development, hereinafter called "HUD", for the purpose of conducting a HOME Program; and whereas the City published a Request for Proposals for Affordable Housing Development using HOME funds on April 23, 2007; and whereas, NWRAPS submitted a proposal dated May 11, 2007 to conduct activities eligible under the HOME program guidelines and requested a gant 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. NWRAPS may receive up to $52,502 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$52,502. B. NWRAPS shall use the funds as outlined in the proposal dated May 11, 2007; specifically, for eligible costs of rehabilitation and other eligible items associated with the home located at 1019 W. Tuttle, legally described as Lot Six Block 2 of Lincoln Park Place Addition to the City of Decatur in Macon County. All additional sources of funds for the project must be confirmed prior to the start of the project. C. NWRAPS shall not obligate or expend any funds under the tenns of this agreement until a written Notice to Proceed is issued by the Econoinic and Urban Development Departinent of the City. The Notice to Proceed shall be issued following completion of all conditions of this Agreement which include (1) coinpletion of enviroiunental review requirements, and (2) confirmation of additional funding sources as stated in I.B. above. D. Duration of Agreement. All funds received under this A��reement must be expended within one vear from the date of this agreeinent unless an extension is granted by the � City. A request for any extension to this tenn of agreeinent shall be made in writing and shall include an explanation for why it is required. The City shall inform NWRAPS within three weeks of the receipt of the request for extension as to whether it has been granted. All provisions of this A�neeinent, and specifically those in Section V. A., shall remain in effect throughout the affordability period which has been established for the HOME-assisted unit. This Agreeinent shall be in effect until such tiine as the housing units specified above are completed and sold to iilcome-eligible households, and appropriate liens are in place to ensure that the housing unit remains affordable 1