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

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� � , t. (a) Resolution or ordinance of the Sponsor, certified by the municipal clerk of the Sponsar or other authorized municipal officer acceptable to the Authority, dated not more than thirty (30) days prior to the Effective Date, authorizing the transactions contemplated by this Agreement; (b) Certificate of Incumbency of the Sponsor indicating those officers who are authorized to execute and deliver the applicable documents required by Paragraphs 6 and 7 hereof, with specimen signatures of those officers, certified by an authorized officer of the Sponsor, dated not more than thirty(30) days prior to the Effective Date; (c) Participant Selection Plan; (d) Any and all other documents and showings requested by the Authority or its counsel,in their sole discretion. 8. PROGRAM. (a) Program Manual. The Sponsor acknowledges that it has received, reviewed and understands the HOME Program requirements set forth in the Authority's ADDI Homebuyer Program Implementation Manual (as amended and implemented by the Authority from time to time, "Program Manual"). The Sponsor agrees that, in addition to the provisions of this Agreement, it shall at all times comply with the requirements of the Program Manual with respect to the Grant and the Program. The Program Manual is incorporated in this Agreement by this reference. (b) Homebuver Counseling. The Sponsor shall provide Homebuyer counseling acceptable to the Authority ("Counseling Program"). Such counseling shall include pre-purchase counseling, ongoing budget assistance and post-occupancy counseling. All applicants receiving pre-approval letters shall participate in an educational course on homeownership priar to making an offer to purchase a Residence and shall ' obtain a certificate of completion. (c) Eli ibili . The Sponsor shall make Loans only for Projects that meet the following eligibility requirements: (i) Each Project shall have an appraised value, not to exceed One Hundred Seventy-Two Thousand Six Hundred Thirty-Two and No/100 Dollars ($172,632), as adjusted from time to time by HUD; (ii) Each Project shall, at acquisition, meet the housing quality standards for the HOME Program, as set forth at 24 CFR Section 92.251; (iii) Each Project shall satisfy the environmental review standards of the Authority; and (iv) The Loan combined with the Homebuyer's Commitment (including cash, grants from other sources, and gifts) shall not exceed twenty-five percent (25%) of the applicable Project's purchase price without the prior written 4