R2005-112 AUTHORIZING THE PARTICIPATION IN THE ILLINOIS HOUSING DEVELOPMENT AUTHORITY

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. � ' , (v) Ternunation. The Authority shall not be obligated to disburse Grant proceeds in connection with any Project after the expiration of the twenty-four(24) month period commencing on the Effective Date. (vi) Optional Direct Disbursement. At the option of the Authority, the Authority may take such steps as may be necessary to allow the Sponsor to draw funds directly from HUD. All of the faregoing requirements of this subparagraph(k) shall apply to such direct disbursement. The Authority may discontinue such direct disbursement at any time, in the Authority's sole discretion. (1) Proiect Completion. Within sixty (60) days after receiving the fmal disbursement for a Project, the Sponsor shall file a HUD Project Completion Report with the Authority in accordance with the Program Manual. (m) Governmental Anprovals. The Sponsor shall require that, for each Project, the Homebuyer and any contractor obtain and comply with all Federal, State and local governmental approvals required by law. (n) Proiect Standards. The Sponsor shall require of all Homebuyers receiving a Loan that their respective Projects be conducted in compliance with all local codes, ordinances,zoning ordinances and the housing quality standards set forth in the Rules. (o) Evidence of Certification. In the manner prescribed by the Authority, the Sponsor shall obtain written evidence substantiating the information given on the Income Certification and shall retain such evidence in its files for five (5) years after the year to ' which such evidence pertains. 9. OTHER HOME PROGRAM REOUIREMENTS. (a) Lead-Based Paint. The Sponsor shall provide each Homebuyer applying to participate in the Homebuyer Program with the Lead-Based Paint Notification contained in the Program Manual. The Sponsor shall evaluate the Residence to determine whether there is any lead-based paint or lead-based paint hazards, and shall require, as part of the Project, that the Owner comply with the Lead-Based Paint Poison Prevention Act, as amended (42 U.S.C. 4821 et seq.), and the Residential Lead-Based Paint Hazard Reduction Act of 1992 (42 U.S.C. 4851 et seq.), and the Lead-Based Paint Regulations codified at 24 C.F.R. Part 35. (b) Environmental Review. Each activity carried out with Grant proceeds must be assessed by the Sponsor, for the benefit of the Authority, in accordance with the provisions of the National Environmental Policy Act of 1969 and the related authorities listed in the implementing regulations at 24 CFR, Parts 50 and 58, as set forth in Section 92352 of the Regulations. (c) Flood Insurance. No portion of the Grant proceeds may be used for acquisition of a Project located in an area identified by the Federal Emergency Management Agency as having special flood hazards unless flood insurance is obtained, as provided in Section 92.352 of the Regulations. 9