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R95-20 AUTHORIZING ADMENDMENT DOWNTOWN RENTAL REHABILITATION AGREEMENT
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R95-20 AUTHORIZING ADMENDMENT DOWNTOWN RENTAL REHABILITATION AGREEMENT
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7/12/2016 10:09:35 AM
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Resolution/Ordinance
Res Ord Num
R95-20
Res Ord Title
AUTHORIZING ADMENDMENT DOWNTOWN RENTAL REHABILITATION PROGRAM
Approved Date
3/6/1995
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Files will be kept recording affirmative marketing efforts by <br /> each subrecipient and/or owner. The file would include copies of <br /> correspondence, public advertisements, lists of areas in which <br /> fliers have been distributed, contracts with other Equal Oppor- <br /> tunity agencies, and any other relevant documents . <br /> An owner, or subsequent transferee whose property remains affor- I <br /> dable to lower income households and follows rent controls set, ! <br /> and who maintains the property to code standards for the term of ' <br /> the deferred loan shall be entitled to full program benefits . <br /> In the event an owner, or subsequent transferee, fails to meet <br /> program obligations, the following may occur: <br /> 1 . The owner will be prohibited from further participation in <br /> the program and any other federal or city programs which may <br /> be available. <br /> 2 . A $500 . 00 sanction may be imposed for each program obliga- <br /> tion the owner or subsequent transferee fails to meet . <br /> 3 . The remaining balance on the note may be due and payable in <br /> full . <br />
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