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HOME PROGRAM FY2005 <br /> COMMUNITY HOUSING DEVELOPMENT ORGANIZATION (CHDO)AGREEMENT <br /> THIS AGREEMENT, entered into on the day of , 2005 by and between <br /> the City of Decatur, Illinois, hereinafter called the "City", and the Near Westside Restoration and <br /> Preservation Society, organized under the laws of the State of Illinois,hereinafter called <br /> ��NWRAPS". <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 Program, <br /> and whereas the City, as a condition of receiving HOME funds must reserve a minimum of <br /> fifteen percent(15%) of the funds for housing to be developed or owned by a Community <br /> Housing Development Organization,hereinafter called "CHDO", and; whereas the City may <br /> commit additional HOME funds for CHDO operational expenses; and whereas NWRAPS has <br /> been identified as a CHDO, subject to the terms and conditions stated below; and whereas <br /> NWRAPS submitted a proposal dated Au�ust 5, 2005 to conduct activities eligible under the <br /> HOME program guidelines and requested a grant of HOME funds to carry out the activities <br /> under the stated proposal. <br /> NOW, THEREFORE,the parties in consideration thereto mutually agree and covenant as <br /> follows: <br /> I. SCOPE OF SERVICE <br /> A. NWRAPS may receive up to $64,000 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$64,000. ' <br /> B. NWRAPS shall use the funds as outlined in the proposal dated August 5, 2005 and the ' <br /> letter dated September 28, 2005; specifically, for eligible costs of pre-development, <br /> construction, soft costs and other eligible items associated with the rehabilitation of one <br /> 3-bedroom, single family home located at 414 South Monroe Street. All additional <br /> sources of funds for the project must be confirmed prior to the start of the project. <br /> C. NWRAPS may receive up to $4,200 in CHDO operating expenses in support of the <br /> above-referenced project. Funding will be dispersed based upon actual HOME-eligible <br /> expenditures, for a total not to exceed the grant amount of$4,200. <br /> D. NWRAPS 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 /> E. Duration of Agreement. This Agreement shall be in effect until such time as the <br /> housing unit specified above is completed and sold to an income-eligible household, and <br /> appropriate liens are in place to ensure that the housing unit will remain affordable <br /> throughout the entire designated affordability period. All HOME funds must be <br /> expended and the housing unit sold no later than A�ril 17, 2007. <br /> 1 <br />