R2007-70 AUTHORIZING AGREEMENT - Laserfiche WebLink

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periods, and compliance with property standards. The sale price for HOME-assisted units shall not to exceed 95 percent of the area median purchase price and not exceed the maximum HOME subsidy level as described in Section 221 (D) 3 established by the U.S. Department of Housing and Urban Development for the Decatur. If any of the housing I units do not continue to meet the entire affordability period as follows: ' 1320 East Main Street— 10 years 1251 East Decatur Street— 15 years 1844 East Decatur Street— 15 years 735 South MLK Drive— 15 years 1648 East Whitmer Street— 15 years NHDC shall reimburse the City of Decatur for the entire amount of the HOME funding provided for those units. A lien shall be place on the HOME-assisted units for the duration of the affordability period to enforce this provision. B. Completion The project proposal shall include a schedule for completion in a timely manner. The schedule shall include dates of major construction milestones and target completion date. The City will monitor progress on the project to ensure that the schedule is being maintained. Any extensions to the project schedule must be explained to the City in writing. C. Property Standards NHDC shall ensure that all housing it rehabilitates with HOME funds meets all applicable local codes, the 1997 Illinois Accessibility Code, HUD Housing Quality Standards (HQS), ordinances, and zoning ordinances at the time of project completion. Payout requests for work requiring mechanical, electrical, or plumbing inspections shall not be processed without documentation that the applicable permits have been received and required inspections conducted. D. Project Closeout/Final Reporting and Payment NHDC shall collect and report performance data as required by the Department of Housing and Urban Development and shall submit all documentation compiled at the end of project closeout. This includes but is not limited to: objectives, outcomes and indicators. Closeout documentation shall consist of: final payout requests,proof of property ownership, title insurance, final property inspection sheets and certificate of occupancy, and a completed HOME Rental Project Compliance Report. The City reserves the right to withhold up to the final ten percent (10%) of total reimbursement on a project until all closeout documentation is received. E. Termination of Project Funding The City reserves the right to suspend or terminate payment of reimbursement requests for a project, or require reimbursement of funds already paid, in whole or in part for cause. Cause shall include the following: 1. Improper use of funds; 4