R2005-28 AUTHORIZING AGREEMENT - Laserfiche WebLink

Home Browse Search

� , , D. Project Closeout/Final Payment The City reserves the right to withhold up to the final ten percent (10%) of total reimbursement on a project until all closeout documentation is received. Closeout documentation shall consist of: completed Property Resale Information Sheet, lien/deed restrictions, final payout requests, final property inspection sheets, and certificate of occupancy. E. Termination of Project Funding The City reserves the right to suspend or terminate payment of reimbursement requests for a project in whole or in part for cause. Cause shall include the following: (1) Improper use of funds; (2) Failure to comply with the terms and conditions of this Agreement, including those specified in item C. above; (3)Failure to comply with HUD program guidelines. The City shall notify NHDC before any such termination takes place and allow opportunity for review and correction of problems. If termination of the project is then determined to be necessary, repayment of the total amount of HOME funds expended on the project shall be made to the City prior to the end of that current fiscal year. F. Property Standards NHDC shall ensure that all housing it constructs or rehabilitates with HOME funds meets all applicable local codes, rehabilitation standards, HUD Housing Quality Standards (HQS), ordinances, and zoning ordinances at the time of project completion. NHDC shall comply with the standards set forth by the City of Decatur for either new construction or existing housing, depending on the type of project it is undertaking. Payout requests for work requiring mechanical, electrical, or plumbing inspections shall not be processed without documentation that the applicable permits have been received and required inspections conducted. G. Affordability Requirements Any project undertaken under the terms of this agreement must comply with the periods of affordability as stated in the federal regulations for use of HOME funds, 24 CFR 92.254(a). Specifically, HOME-assisted housing units must be acquired by a homebuyer whose family qualifies as a low- income and the housing must be the principal residence of the family throughout the affordability period. The unit must remain affordable to low-income persons for not less than the applicable period for the amount of assistance provided. H. Resale/Recapture Provisions To ensure affordability,NHDC must impose either resale or recapture requirements on the housing unit as outlined in 24 CFR 92.254 (a)(5). Said requirements shall be imposed prior to the transfer of the property to the homebuyer. NHDC shall inform the City at that time as to which requirement(resale or recapture)has been imposed, and shall provide the City with a copy of the lien/deed restrictions attached to the transaction. 4