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°� � < . <br /> j � � <br /> HOME PROGRAM FY2003 AGREEMENT <br /> THIS AGREEMENT, entered into on the 17th day of November, 2003 by and between the City <br /> of Decatur, Illinois,hereinafter called the "City", and East Lake/NHDC, LLC,hereinafter called <br /> "East Lake", organized under the laws of the State of Illinois. <br /> WHEREAS, the City has entered into an agreement vvith the U.S. Department of Housing and <br /> Urban Development,hereinafter called "HUD", for the purpose of conducting a HOME Program, <br /> and; whereas the City may commit HOME funds for affordable housing projects; and whereas <br /> East Lake submitted a proposal dated Februarv 11, 2003 to conduct activities eligible under the <br /> HOME program guidelines and requested a grant of HOME funds not to exceed 387 000 to <br /> conduct activities under the stated proposal. <br /> NOW, THEREFORE, the parties in consideration thereto mutually agree and covenant as <br /> follows: <br /> I. SCOPE OF SERVICE <br /> A. East Lake shall use the funds as outlined in the proposal dated Februarv 11, 2003 for <br /> eligible costs of construction of forty-three (43)new houses for sale to low-income <br /> households (those with income less than 80 percent of the area median) as part of the <br /> Wabash Crossing Phase I homeownership development. These HOME funds shall be <br /> used for hard constnzction costs and/or soft costs which aze specifically related to the <br /> construction of each unit including: construction supervision, architectural design and <br /> administration, utilities,permits, surveys, engineering, environmental studies and <br /> remediation, insurance, appraisals,title and recording fees, and legal fees. Up to 10% of <br /> the HOME funds allocated for each unit may be used for the development fee,to be paid <br /> only upon receipt by the City of all closeout documentation for that unit. The homes shall <br /> be constructed in accordance with the Near North Neighborhood Redevelopment Plan <br /> and Design Guidelines, or according to design guidelines as otherwise approved by the <br /> City. All additional sources of funds for the project must be confirmed prior to the start of <br /> the proj ect. <br /> B. East Lake may receive up to $387,000 from the City under the HOME Program to <br /> im lement the ro osed activities. Fundin will be dis ersed based u on actual ro'ect <br /> P P P g P P P J <br /> expenditures, in an amount not less than$5,000 and not more than 13 000 per unit, for a <br /> total not to exceed the grant amount of$387,000. <br /> C. East Lake 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 /> 1 - <br />