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

Home Browse Search

, ` 1 � � , � City of Decatur,Illinois SHA-2257 GRANT AGREEMENT This Grant Agreement (this "Agreement") is made as of the 15'�' day of October, 2005 by and between the ILLINOIS HOUSING DEVELOPMENT AUTHORITY (the "Authority"), a body politic and corporate of the State of Illinois ("State"), created and existing pursuant to the Illinois Housing Development Act, 20 ILCS 3805/1 et s�. (1994) ("Act"), having its principal office at 401 N. Michigan Avenue, Suite 900, Chicago, Illinois 60611, and City of Decatur, Illinois, an Illinois unit of local government ("Sponsor"), having its principal office at 1 Gary K. Anderson Plaza, Decatur, Illinois 62523. RECITALS A. The Authority has been designated the program administrator of the HOME Program, codified at 47 Ill. Adm. Code, Part 371 ("Rules"). The Rules and the Regulations are incorporated herein by this reference and made a part hereof. All capitalized terms not defined in this Agreement shall have the meanings established in the HOME Act, and if not defined there,the meanings established in the Regulations, and if not defined there, the meanings established in the Rules. B. The Authority has been designated as the program administrator of the HOME Investment Partnership Program for the State of Illinois, as authorized by Title II of the National Affordable Housing Act of 1990 (P.L. 101-165) ("HOME AcY'), the regulations promulgated thereunder and codified at 24 CFR, Part 92 ("Regulations") and the Rules, all as may be amended and supplemented from time to time. The Authority receives funding for this program from the Department of Housing and Urban Development, CFDA number 14.239. C. The Sponsor has applied to the HOME Program for a grant ("Grant") from the American Dream Downpayment Initiative ("ADDI"), the proceeds of which will be used to make forgivable loans (each, a "Loan," and collectively, "Loans") to qualified homebuyers (each, a "Homebuyer" and collectively, "Homebuyers") under the Sponsor's homebuyer program ("Program") for the acquisition of approximately Twenty-Four (24) single-family residences (each, a "Residence," and collectively, the "Residences") located in Macon County, Illinois. The purchase of a Residence shall hereinafter be referred to as a"Project." D. It is a condition of the Authority's making the Grant that the Sponsor enter into and be bound by this Agreement. AGREEMENTS NOW, THEREFORE, in consideration of the recitals set forth above and other good and valuable consideration,receipt of which is hereby acknowledged,the parties agree as follows: 216198-1 10/7/2005 3:30 PM