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. �� , <br /> , , <br /> HOME PROGRAIVI FY2005 <br /> AFFORDABLE HOUSING DEVELOP ENT AGREEMENT <br /> THIS AGREEMENT, entered into on the day of ���I/��, 2005 by and between <br /> the City of Decatur, Illinois,hereinafter called the "City", and the Neighborhood Housing '� <br /> Development Corporation, organized under the laws of the State of Illinois, hereinafter called I <br /> ��NHDC�� <br /> WHEREAS, the City has entered into an agreement with the U.S. Department of Housing and , <br /> Urban Development, hereinafter called "HUD", for the purpose of conducting a HOME <br /> Program; and whereas the City published a Request for Proposals for Affordable Housing <br /> Development using HOME funds on August 16, 2005; and whereas,NHDC submitted a <br /> proposal dated September 30, 2005 to conduct activities eligible under the HOME program <br /> guidelines and requested a grant of HOME funds to carry out the activities under the stated <br /> proposal. <br /> NOW, THEREFORE, the parties in consideration thereto mutually agree and covenant as <br /> follows: <br /> I. SCOPE OF SERVICE <br /> A. N�IDC may receive up to $250,000 from the City under the HOME Program to <br /> implement the proposed activities. Funding will be dispersed based upon actual project <br /> expenditures, for a total not to exceed the grant amount of 250 000. <br /> B. NHDC shall use the funds as outlined in the proposal dated September 30, 2005; <br /> specifically, for eligible costs of pre-development, site improvements, utility connections, <br /> construction, soft costs and other eligible items associated with the construction of six 3- <br /> bedroom, single family homes located at a site named Sheridan Circle near the corner of <br /> Cantrell Street and South Martin Luther King Jr. Drive, legally described as Lot One of <br /> Southside Manor Addition. All additional sources of funds for the project must be <br /> confirmed prior to the start of the project. <br /> C. NHDC shall not obligate or expend any funds under the terms of this agreement <br />� until a written Notice to Proceed is issued by the Economic and Urban Development <br /> Department of the City. <br /> D. Duration of Agreement. This Agreement shall be in effect until such time as the <br /> housing units specified above are completed and sold to income-eligible households, and <br /> appropriate liens are in place to ensure that these housing units will remain affordable <br /> throughout the entire designated affordability period. All HOME funds must be <br /> expended and the housing units sold no later than October 17, 2007. <br /> 1 <br />