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HOME PROGRAM- 1998-1999 <br /> COMMUNITY HOUSING DEVELOPMENT ORGANIZATION(CHDO)AGREEMENT <br /> This Agreement entered into by and between the City of Decatur, Illinois, hereinafter called the <br /> "City", and Neighborhood Housing Development Corporation, organized under the laws of the <br /> State of Illinois, hereinafter called "NHDC". <br />' WHEREAS, the City has entered into an agreement with the U.S. Department of Housing and <br /> Urban Development,hereinafter called "HLJD", for the purpose of conducting a HOME Program, <br />� and whereas the Cit as a condition of receivin HOME funds must reserve fifteen ercent <br /> Y� g P <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 projects; and whereas NHDC has been identified as a <br /> CHDO, subject to the terms and conditions stated below; and whereas NHDC submitted a <br /> proposal dated 5/10/99 and identified as E�ibit A(attached hereto)to rehabilitate units of <br /> housing and requested a grant of HOME funds not to exceed $60,000 to fund the activity under <br /> the stated proposal. <br /> NOW, THEREFORE,the parties in consideration thereto mutually agree and convenant as <br /> follows: <br /> 1. NHDC may receive up to $60,000 from the City under the HOME Program to <br /> implement the proposed rehabilitation. The proposed funding will be dispersed <br /> based upon actual project expenditures, for a total not to exceed the grant amount <br /> of$60,000. In addition to this,NHDC may receive up to $15,325 for operating <br /> expenses. <br /> 2. NHDC shall use the funds as outlined in the proposal dated 5/10/99 (Exhibit A) for <br /> eligible costs of predevelopment, acquisition, rehabilitation, soft costs and other <br /> eligible items associated with the projects. All additional sources of funds for the <br /> project must be confirmed prior to the start of the project. <br /> 3. NHDC shall provide the City with monthly progress reports and monthly financial <br /> reports. <br /> a. Monthly reports shall be submitted to the City by the fifth(Sth) working day <br /> of the succeeding calendar month. <br /> b. Reimbursements to NHDC will be made upon receipt by the City of the monthly <br /> progress and financial reports and all supporting documentation. Supporting <br /> documentation shall include,but not be limited to: <br /> 1) Lien wavers, canceled checks and receipts for payment. <br /> -1- <br />