Laserfiche WebLink
HOME PROGRAM FY2003 <br /> COMMUNITY HOUSING DEVELOPMENT ORGANIZ TION (CHDO) AGREENIENT <br /> 4/ <br /> THIS AGREEMENT, entered into on th��� day f� �(/,��{`�� 04 by and between <br /> the City of Decatur, Illinois, hereinafter called the "City", and the Neighborhood Housing <br /> Development Corporation, organized under the laws of the State of Illinois, hereinafter called <br /> "NHDC". <br /> WHEREAS, the City has entered into an agreement with the U.S. Department of Housing and <br /> Urban Development, hereinafter called "HLTD", for the purpose of conducting a HOME Program, <br /> and whereas the City, as a condition of receiving HOME funds must reserve fifteen percent <br /> (15%) of the funds for housing to be developed or owned by a Community Housing <br /> Development Organization, hereinafter called "CHDO", and; whereas the City may commit <br /> additional HOME funds for CHDO operational expenses; and whereas NHDC has been <br /> identified as a CHDO, subject to the terms and conditions stated below; and whereas NHDC <br /> submitted a proposal dated Januarv 23, 2004 to conduct activities eligible under the HOME <br /> program guidelines and requested a grant of HOME funds to carry out the activities under the <br /> stated proposal. <br /> NOW THEREFORE the arties in consideration thereto mutuall a ee and convenant as <br /> , , P Y �' <br /> follows: <br /> I. SCOPE OF SERVICE <br /> A. NHDC may receive up to $90.562 from the City under the HOME Program to <br /> implement the proposed activities. Funding will be dispersed based upon actual project <br /> expenditures, for a total not to exceed the grant amount of$90,562. <br /> B. NHDC shall use the funds as outlined in the proposal dated Januarv 23, 2004; <br /> specifically, for eligible costs of pre-development, acquisition, construction, soft costs <br /> and other eligible items associated with the construction of two 3-bedroom, single family <br /> homes located at lot#284 and#285 of the Meadowlark Subdivision. All additional <br /> sources of funds for the project must be confirmed prior to the start of the project. <br /> C. NHDC shall not obligate or expend any funds under the terms of this agreement <br /> until a written Notice to Proceed is issued by the Economic and Urban Development <br /> Department of the City. <br /> II. REPORTING AND REIMBURSEMENT PROCEDURE <br /> A. Monthly Reporting. <br /> NHDC shall provide the City with monthly progress reports and financial <br /> reports. Monthly reports shall be submitted to the City by the tenth (lOth) working day <br /> of the succeeding calendar month. Monthly reports shall include the status of all <br /> projects currently underway, financial expenditures to date, any anticipated revisions to <br /> the project budget, and any other pertinent information. The City reserves the right to <br /> 1 <br />