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R97-119 AUTHORIZING AGREEMENTS
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R97-119 AUTHORIZING AGREEMENTS
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Last modified
4/18/2016 8:45:25 AM
Creation date
4/18/2016 8:45:25 AM
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Resolution/Ordinance
Res Ord Num
R97-119
Res Ord Title
AUTHORIZING AGREEMENTS - HOME PROGRAM 1996 - COMMUNITY HOUSING DEVELOPMENT ORGANIZATION (CHDO)
Approved Date
8/18/1997
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. � <br /> HOME PROGR.Abi - 19 9 6 <br /> COD�lUNITY HOIISING DEVELOPMENT ORGANIZATION (CHDO) AGRSEMENT <br /> This Agreement entered into by and between the City of Decatur, <br /> Illinois, hereinafter called the "City" , and the Neighborhood <br /> Housing Development Corporation, organized under the laws of <br /> the State of Illinois, hereinafter called "NHDC" . <br /> WHEREAS, the City has entered into an agreement with the U. S. <br /> Department of Housing and Urban Development, hereinafter called <br /> "HUD" , for the purpose of conducting a HOME Program, and; <br /> whereas the City, as a condition of receiving HOME funds must <br /> reserve fifteen percent (15�) of the funds for housing to be <br /> developed or owned by a Community Housing Development <br /> Organization, hereinafter called "CHDO" , and; whereas NHDC has <br /> been identified as a CHDO, subject to the terms and conditions <br /> stated below. <br /> NOW, THEREFORE, the parties in consideration thereto mutually <br /> agree and covenant as follows: <br /> 1. NHDC may receive $87, 300 . 00 from the City under the HOME <br /> Program 15% CHDO set-aside requirement and $14, 550 . 00 under the <br /> HOME Program operating fund requirement. Operating funds will <br /> be dispersed based upon project/program fund expenditures . <br /> 2 . NHDC shall use the funds for predevelopment, acquisition, <br /> rehabilitation, soft costs and other eligible items associated <br /> with the projects. <br /> 3 . NHDC shall provide the City with monthly progress reports <br /> and monthly financial reports. <br /> a. Monthly reports shall be submitted to the City by the <br /> fifth (5th) working day of the succeeding calendar month. <br /> b. Reimbursements to NHDC will be made upon receipt by <br /> the City of the monthly progress and financial reports and <br /> all supporting documentation. Supporting documentation . <br /> shall include, but not be limited to: <br /> 1. Lien waivers, canceled checks and receipts for <br /> payment . <br /> c. NHDC shall submit Pay Requests, with proper <br /> supporting documentation, to the City on the lOth day of <br /> the month and the 25th day of the month. <br /> 4 . NHDC shall maintain a proper accounting system, HUD <br /> approved for the HOME funds. <br /> 1 <br />
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