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. � . , <br /> HOME PROGRAM -1995-1996 <br /> COMMUNITY HOUSING DEVELOPMENT ORGANIZATION (CHDO)AGREEMENT <br /> This Agreement entered into by and between the City of Decatur, Illinois, hereinafter called the"City", and <br /> the Neighborhood Housing Development Corporation, organized under the laws of the State of Illinois, <br /> hereinafter called "NHDC". <br /> WHEREAS,the City has entered into an agreement with the U. S. Department of Housing and Urban <br /> Development, hereinafter called "HUD",for the purpose of conducting a HOME Program, and;whereas the <br /> City, as a condition of receiving HOME funds must reserve fifteen percent(15%) of the funds for housing to <br /> be developed or owned by a Community Housing Development Organization, hereinafter called "CHDO", <br />' and;whereas the City may commit additional HOME funds for CHDO projects; and whereas NHDC has <br /> been identified as a CHDO,subject to the terms and conditions stated below; and whereas NHDC <br />� submitted a proposal dated 2/4/99 and idenfified as Exhibit A(attached hereto)to construct new housing <br /> units and requested a grant of HOME funds not to exceed $500,000 to fund the activity under the stated <br /> proposal (Exhibit A). <br /> NOW,THEREFORE,the parties in consideration thereto mutually agree and covenant as follows: <br /> 1. NHDC m <br /> ay receive up to$500,000 from the City under the HOME Program ($301,242.50 from <br /> PY95 and $198,757.50 from PY96)to implement the proposed new construction. The proposed <br /> funding will be dispersed based upon actuaf project expenditures,for a total not to exceed the grant <br /> amount of$500,000. <br /> 2. NHDC shall use the funds as outlined in the proposal dated 2/4/99 (Exhibit A)for eligible costs of <br /> predevelopment, acquisition, rehabilitation,soft costs and other eligible items associated with the <br /> projects. All additional sources of funds for the project must be confirmed prior to the start of the <br /> project. <br /> 3. NHDC shall provide the City with monthly progress reports and monthly financial reports. <br /> a. Monthly reports shall be submitted to the City by the fifth (5th)working day of the <br /> succeeding calendar month. <br /> b. Reimbursements to NHDC will be made upon receipt by the City of the monthly progress <br /> and financial reports and all supporting documentation. Supporting documentation shall <br /> include, but not be limited to: <br /> 1) Lien waivers, canceled checks and receipts for payment. <br /> c. NHDC shall submit Pay Requests,with proper supporting documentation,to the City on the <br /> 10th day of the month and the 25th day of the month. <br /> 4. NHDC shall maintain a proper accounting system, HUD approved for the HOME funds. <br /> a. A separate account shall be established specifically for the HOME Program funds. <br /> b. Program income shall be identified separately and used prior to additional reimbursements <br /> by the City. <br /> c. Proper accounting shall be verified by an Annual Audit conducted by an independent, <br /> qualified auditor. Results of the Annual Audit shall be submitted to the City within 30 days <br /> after completion of the audit. <br /> 5. NHDC shall adhere to all the requirements established by the federal government, State of Illinois, <br /> and the City as mandated in the applicable regulations, laws, codes and ordinances. <br /> 6. NHDC shall have the discretion to select appropriate projects as identified in its proposal dated <br /> 2/4/99 (Exhibit A) and as determined by its Board of Directors and set policies associated with the <br /> development that are not in conflict with those identified in (5.) above. <br /> a. NHDC shall submit its projects to the City for approval which would include proposed <br /> construction schedule, cost estimate and project location. NHDC shall submit <br /> documentation to the City for approval of <br />