Laserfiche WebLink
<br />Exhibit A-1 <br />HCS-23-42-2002-198(1) <br />City of Everett <br /> Page 2 of 24 <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 (the <br />“Project Budget”). <br /> <br />2. The funds will be used by the Agency to provide housing rehabilitation loans <br />to homeowners of low-income families in accordance with the provisions of <br />this HOME Agreement and Exhibit B. <br /> <br />3. All Program Income (as that term is defined in Section IV-F-1 of Exhibit A <br />hereof) from the interest on or repayment of HOME loans generated by the <br />Project between July 1, 2019 and June 30, 2020 (“2019 Program Income”) <br />in the amount of Two Hundred Twenty-Three Thousand Six Hundred <br />Fifty-One Dollars and Ninety-One Cents ($223,651.91), shall be used by <br />the Agency solely to make additional rehabilitation loans to HOME eligible <br />homeowners under the terms of this HOME Agreement and shall be used <br />in accordance with the terms of this HOME Agreement, including but not <br />limited to, Section IV-F of Exhibit A hereof. <br /> <br />4. All Program Income (as that term is defined in Section IV-F-1 of Exhibit A <br />hereof) from the interest on or repayment of HOME loans generated by the <br />project beginning July 1, 2020 (“Post 2019 Program Income”) shall be used <br />in accordance with Section IV-F of Exhibit A hereof. <br /> <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 /> <br />C. Notice to Proceed <br /> <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 /> <br />D. Term of Agreement <br /> <br /> The term of this Agreement begins July 1, 2020 and expires on the date the <br />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 />executed by both parties hereto. Notwithstanding the preceding sentence, this