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. � �5�- $ � <br /> ._ . -_ � <br /> HOME PROGRAM - 1993 <br /> I AGREEMENT <br /> This Agreement entered into this lst day of May, 1995, by and between the City of Decatur, <br /> Illin i hereinafter called the "Cit " and Nei hborhood Housin Develo ment Co oration <br /> o s ( Y ) g g P 1P <br /> hereinafter called ("NHDC") organized under the laws of the State of Illinois. <br /> Whereas, the City has entered into an agreement with the U.S. Department of Housing and <br /> Urban Development (HUD) for the purpose of conducting a HOME Program, and; whereas the <br /> City of Decatur, as a condition of receiving HOME funds must reserve at least fifteen percent <br /> (15%) of the funds for housing to be developed or owned by a Community Housing <br /> Development Organization (CHDO), and; whereas NHDC has been identified as the CHDO <br /> subject to the terms and conditions stated below. <br /> Now, therefore, the parties in consideration thereto mutually agree and covenant as follows: <br /> 1. NHDC shall receive a sum of no less than $63,450 from the City of Decatur under the <br /> HOME Program 15% CHDO set-aside requirement. NHDC shall receive a sum of no <br /> less than $21,150 from the City under the HOME Program CHDO operating fund <br /> requirement. <br /> 2. NHDC shall use the funds for predevelopment, acquisition, rehabilitation, soft costs, and <br /> other eligible items associated with the projects. <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 <br /> day of the succeeding calendar month. <br /> b. Reimbursements to NHDC will be made upon receipt by the City of the <br /> monthly progress and financial reports and all supporting documentation <br /> shall 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, <br /> to the City on the lOth day of the month and the 25th day of the month. <br /> 4. NHDC shall maintain a proper accoundng system, HUD approved for the HOME funds. <br /> a. A separate account shall be established specifically for the HOME <br /> Program funds. <br />