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the object of Exhibit B-1, as now or hereafter amended. The sum of said <br /> subgrant and any amendments thereto may only be expended in <br /> accordance with the budget contained in Exhibit C attached hereto, which <br /> is incorporated herein by this reference, as may hereafter be amended <br /> (the "Project Budget"). <br /> 2. The funds will be used by the Agency to provide housing rehabilitation <br /> loans to homeowners of low-income families in accordance with the <br /> provisions of this HOME Agreement and Exhibit B-1. <br /> 3. All Program Income (as that term is defined in Section IV-F-1 of Exhibit <br /> A-1 hereof) from the interest on or repayment of HOME loans generated <br /> by the Project between January 3, 2017 and June 30, 2017 ("2016 <br /> Program Income") in the amount of One-Hundred Thirty Thousand Five- <br /> Hundred and Thirty-Two Dollars and Thirty-Eight Cents <br /> ($130,532.38), shall be used by the Agency solely to make additional <br /> rehabilitation loans to HOME eligible homeowners under the terms of this <br /> HOME Agreement and shall be used in accordance with the terms of this <br /> HOME Agreement, including but not limited to, Section IV-F of Exhibit A-1 <br /> hereof. <br /> 4. All Program Income (as that term is defined in Section IV-F-1 of Exhibit <br /> A-1 hereof) from the interest on or repayment of HOME loans generated <br /> by the project beginning July 1, 2017 ("Post 2016 Program Income") shall <br /> be used in accordance with Section IV-F of Exhibit A-1 hereof. <br /> 5. The Agency shall manage the Project so that Project costs do not exceed <br /> the Project Budget. Further, the Agency shall absorb all costs in excess of <br /> the authorized subgrant amount. <br /> C. Notice to Proceed <br /> The County shall furnish the Agency with written Notice to Proceed upon <br /> release of funds from HUD related to the Project pursuant to 24 CFR Part 58. <br /> No work on the Project prior to the Notice to Proceed shall occur without prior <br /> written approval from the County. <br /> D. Term of Agreement <br /> The term of this Agreement begins October 1, 2017 and expires on the date <br /> the Agency ceases to conduct its Community Housing Improvement Program, <br /> including the origination of new housing rehabilitation loans and the servicing <br /> of existing housing rehabilitation loans as provided for in this Agreement, <br /> PROVIDED, HOWEVER, that no funds will be provided by the County to the <br /> Agency pursuant to this Agreement until the Agreement has been fully <br /> Exhibit A-1 <br /> HCS-17-42-1701-198(1) <br /> City of Everett <br /> Page 2 of 24 <br />