R2003-30 AUTHORIZING AGREEMENTS - Laserfiche WebLink

Home Browse Search

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- or moderate-income and the housing must be the principal residence of the family throughout the affordability period. The unit must remain affordable to low- and moderate-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. VI. PROJECT PROCEEDS Upon completion of each project,NHDC shall report the amount of all project proceeds generated by activities carried out with HOME funds made available under this contract, and the use to which the HOME proceeds will be allocated. As set forth in 24 CFR 92300(a)(2), the use of HOME proceeds by NHDC shall be only for HOME-eligible or other housing activities to assist low-and moderate-income persons. Up to ten percent (10%) of the HOME proceeds may be used for CHDO operating and administrative expenses. HOME proceeds must be committed or expended within one year of the date they are generated(e.g., date of sale of a HOME-assisted rehabilitation or construction proj ect), or the City of Decatur may, at its discretion,require that they be returned to the City for use in its HOME-funded activities VII. TECHIVICAL ASSISTANCE The City shall provide technical assistance to N�IDC upon request, at no additional cost,to guide the organization in the proper administration of the HOME funds. VIII. AFFIltMATIVE ACTION A. Affirmative Marketing As specified in 24 CFR 92.351,NHDC will develop and adhere to an Affirmative Mazketing plan for its projects. This will consist of actions to provide information and otherwise attract eli 'ble persons in the housing market area to the � available housing without regard to race, color,national origin, sex,religion, familial � 5