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Payout requests for work requiring mechanical, electrical, or plumbing inspections shall <br /> not be processed without documentation that the applicable permits have been received <br /> and required inspections conducted. <br /> G. Affordability Requirements I <br /> Any project undertaken under the terms of this agreement must comply with the periods <br /> of affordability as stated in the federal regulations for use of HOME funds, 24 CFR <br /> 92.254(a). Specifically, HOME-assisted housing units must be acquired by a homebuyer I, <br /> whose family qualifies as a low- or moderate-income and the housing must be the I� <br /> principal residence of the family throughout the affordability period. The unit must 'I <br /> remain affordable to low- and moderate-income persons for not less than the applicable ', <br /> period for the amount of assistance provided. �'I <br /> H. Resale/Recapture Provisions �'i <br /> To ensure affordability,NWRAPS must impose either resale or recapture requirements j <br />� on the housing unit as outlined in 24 CFR 92.254 (a)(5). Said requirements shall be '� <br /> imposed prior to the transfer of the property to the homebuyer. NWR.APS shall inform � <br /> the City at that time as to which requirement (resale or recapture)has been imposed, and <br /> shall provide the City with a copy of the lien/deed restrictions attached to the transaction. , <br /> VI. PROJECT PROCEEDS I'�� <br /> Upon completion of each project, NWRAPS shall report the amount of all project �I <br /> proceeds generated by activities carried out with HOME funds made available under this ' <br /> contract, and the use to which the HOME proceeds will be allocated. As set forth in 24 <br /> CFR 92.300(a)(2), the use of HOME proceeds by NWRAPS shall be only for <br /> HOME-eligible or other housing activities to assist low-and moderate-income persons. <br /> Up to ten percent(10%) of the HOME proceeds may be used for CHDO operating and <br /> administrative expenses. HOME proceeds must be committed or expended within one <br /> year of the date they are generated(e.g., date of sale of a HOME-assisted rehabilitation or <br /> construction project), or the City of Decatur may, at its discretion,require that they be <br /> returned to the City for use in its HOME-funded activities <br /> VII. TECHNICAL ASSISTANCE <br /> The City shall provide technical assistance to NWRAPS upon request, at no <br /> additional cost, to guide the organization in the proper administration of the HOME <br /> funds. <br /> � 5 <br />