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� , � . <br /> -� • . . <br /> AGREEMENT <br /> This Agreement entered into this 3 -�. day of August, 1992, by <br /> and between the City of Decatur, Illinois hereinafter called the <br /> City and Neighborhood Housing Development Corporation <br /> hereinafter called NHDC organized under the laws of the State of <br /> Illinois. <br /> Whereas, the City has entered into an agreement with the U.S. <br /> Department of Housing and Urban Development (HUD) for the purpose <br /> of conducting a HOME Program, and; whereas the City of Decatur, <br /> as a condition of receiving HOME funds must reserve at least fif- <br /> teen percent (15�) of the funds for housing to be developed or <br /> owned by a Community Housing Development Organization (CHDO) , <br /> and; whereas NHDC has been identified as the CHDO subject to the <br /> terms and conditions stated below. <br /> Now, therefore, the parties in consideration thereto mutually <br /> agree and covenant as follows: <br /> 1. NHDC shall receive a sum of no less than $112 , 500 from the <br /> City of Decatur under the HOME program 15� CHDO set-aside <br /> requirement. <br /> 2. NHDC shall use the funds for predevelopment, acquisition, <br /> rehabilitation, soft costs, and other eligible items as- . <br /> sociated with the projects. <br /> 3 . NHDC will provide quarterly reports to the City of Decatur <br /> as to its progress in completing eligible projects beginning <br /> ninety days following the initial receipt of the monies <br /> herein. <br /> 4 . NHDC shall maintain a proper accounting system, HUD approved <br /> for the HOME funds. A separate acccunt shall be established <br /> ��ecifically for the HOME program funds. <br /> 5. NHDC shall adhere to all the requirements established by the <br /> federal government, State of Illinois, and City of Decatur <br /> as mandated in the federal, state and local regulations, <br /> laws, codes and ordinances. <br /> 6. NHDC shall have the discretion to select appropriate <br /> projects as determined by its board of directors and set <br /> policies associated with the development that are not in <br /> conflict with any City, State of Illinois federal, or HOME <br /> regulations, laws, codes and ordinances. <br /> 7. The City shall provide technical assistance to NHDC to guide <br /> the organization in the proper administration of the HOME <br /> funds. <br />