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