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

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IIIiDOiS 401 N. Michigan Ave. Writer's Direct Dial Number Housing Suite soo Developinent Chicago,Illinois 60611 p Authority (312)836-5200 TDD(312)836-5222 September 1,2005 City of Decatur, Illinois 1 Gary K.Anderson Plaza Decatur, Illinois 62523 Arin: Paul Osborne,Mayor Re: Conditional Commitment Letter for City of Decatur, Illinois(SHA-2257) Dear Mayor Osborne: The Illinois Housing Development Authority("Authority") is a body politic and corporate of the State of Illinois, created by and existing pursuant to the Illinois Housing Development Act, 20 ILCS 3805/1 et se�c. (1994) ("Act"). The Authority has been designated the program administrator of the HOME Investment Partnerships Program ("HOME Program") for the State of Illinois, as authorized by Title II of the National Affordable Housing Act of 1990 (P.L. 101-165) ("HOME Act"), the regulations promulgated thereunder and codified at 24 CFR, Part 92 ("Regulations") and the Authority's rules for the HOME Program, codified at 47 Ill. Adm. Code, Part 371 ("Rules"), all as may be amended and supplemented from time to time. The Authority receives funding for this program from the Deparhnent of Housing and Urban Development, CFDA number 14.239. All capitalized terms not defined in this Agreement shall have the meanings established in the Rules and the Regulations. The Authority agrees to make a grant ("Grant") in the maximum amount of One Hundred Thirty-Seven Thousand Three Hundred Forty and No/100 Dollars ($137,340) from the American Dream Downpayment Initiative ("ADDI") component of the HOME Program to the City of Decatur, Illinois, an Illinois unit of local government ("Sponsor"), for Sponsor's program ("Homebuyer Program") to lend funds to qualified "first-time homebuyers" (for purposes hereof, a "Homebuyer") to help finance the acquisition of approximately Twenty-Four (24) "single-family residences" (each a "Residence" and collectively, the "Residences") located in Macon County, Illinois that may be identified at a later date. 'The Grant shall be subject to the contingencies,terms and conditions set forth below. A. CONTINGENCIES: The Authority's performance of its obligations under this Conditional Commitment Letter(this "Letter")is contingent upon: l. sufficient appropriation of funds for the HOME Program by the State of Illinois; 212616-1 •Investing in Development fa Better Housing•Investing in Development for Better Housing•IrnesGng in Developrt�ent for Better Housing• Investing in Devebpment for Better Housing•