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construction of new, or improvement of existing, facilities on the property <br /> for the purposes for which the property was transferred, the City may, <br /> upon request of the transferee, if necessary to accomplish such financing, <br /> and upon such conditions as the City deems appropriate, agree to forbear <br /> the exercise of such right to revert title for so long as the lien of such <br /> mortgage or other encumbrance remains effective. <br /> 3. City Review. In the event of a proposed, sale, refinancing, or transfer of <br /> interests in the Project and/or the Ownership, the Agency shall submit to the <br /> City for review and approval, such information as the City deems necessary <br /> to review and approve the proposed terms of the transaction, including the <br /> proposed ownership entity, and to ensure the continued viability of the project <br /> for which the HOME funding was provided. Such project restructuring or <br /> transfers may include, as applicable: <br /> a. The transfer or sale of the Project to a nonprofit corporation or public <br /> agency approved by City and in compliance with the HOME regulations; <br /> b. The transfer or sale of the Project to a qualified nonprofit corporation or <br /> public agency acceptable to County and in compliance with the HOME <br /> Regulations, without substantial consideration to the transferor other than <br /> assumption by the transferee of outstanding obligations; and <br /> c. The refinancing or additional financing, whether with the current owner, or <br /> in conjuction with a sale or transfer to a new owner. <br /> IV. FISCAL MANAGEMENT <br /> A. Eligible Costs <br /> Disbursements shall be made to the Agency under this Loan Agreement only for <br /> certain "eligible project costs," as that term is defined in 24 CFR § 92.206, and, if <br /> approved by HUD, for certain "pre-award costs" pursuant to 24 CFR § 92.212. In <br /> no event, however, shall disbursement be made to the Agency for costs not <br /> included in the Project Budget attached as Exhibit B to this Agreement. <br /> No expenditure of HOME funds shall be made for "prohibited activities," as that <br /> term is defined in 24 CFR § 92.214. <br /> B. Payment and Disbursements <br /> The Agency may not request disbursement of funds under this Loan Agreement <br /> until the funds are needed for the payment of eligible Project costs. The amount <br /> of each request shall be limited to the amount needed. <br /> Amended HOME Loan Agreement <br /> Housing Hope's Kennedy Court Improvement Project <br /> Page 29 of 53 <br />