Laserfiche WebLink
I. GENERAL AGREEMENT <br /> The Agency hereby agrees, for the purpose of providing rental housing for Very <br /> Low-Income families, to receive and utilize HOME funds in the amount of Five <br /> Hundred Seventy-Three Thousand Two Hundred Ninety-Eight dollars ($573,298) for <br /> rehabilitation of the Kennedy Court Improvement Project (the "Project"), in <br /> accordance with the terms of the 2015-2019 Consolidated Plan, as amended, which <br /> Consolidated Plan is incorporated herein by this reference. Failure to comply with <br /> any of the terms and conditions of this Loan Agreement may lead to suspension or <br /> termination of HOME funding to the Agency. <br /> In any case where the City's consent or approval is required by the terms of this <br /> Loan Agreement, the City agrees that it shall not unreasonably withhold, condition or <br /> delay the same. <br /> A. Designation <br /> Contingent upon release of funds from HUD, the Agency expressly agrees to <br /> undertake, the Kennedy Court Improvement Project, as a HOME Program <br /> Project within the HOME Investment Partnerships Act of 1990, as now or <br /> hereafter amended (hereinafter the "Act"). <br /> As a rental housing project, the Project must comply with the provisions of 24 <br /> CFR §92.252 Qualification as Affordable Rental Housing, and §92.206 Eligible <br /> Project Costs. The undertaking of the Project shall be in full accord with the Act, <br /> and all rules and regulations promulgated pursuant to the Act and the HOME <br /> Regulations, including the 2013 HOME Final Rules issued by HUD, and <br /> referenced in the Rules and Regulations in the Federal Register, Vol. 78, No. <br /> 142, July 24, 2013. The Agency agrees to comply fully with all applicable <br /> federal, state, and local laws, ordinances, and regulations in activities funded in <br /> whole or in part with funds provided through this Loan Agreement and in carrying <br /> out the Project described in Exhibit A and with all other terms of this Loan <br /> Agreement. <br /> B. The Loan; Project Budget; Rent Subsidies <br /> 1. The Agency is hereby provided a three percent (3%) simple interest loan in <br /> the amount of Five Hundred Seventy-Three Thousand Two Hundred Ninety- <br /> Eight dollars ($573,298) (the "Loan") for the full undertaking and performance <br /> of the Project. Principal and interest payments shall be deferred for the term <br /> of the Loan. <br /> However, if the Property is sold, refinanced, transferred, the use changes <br /> during the term of the Loan Agreement, or the Agency is materially out of <br /> compliance with the terms and conditions of this Loan Agreement and after <br /> Amended HOME Loan Agreement <br /> Housing Hope's Kennedy Court Improvement Project <br /> Page 3 of 53 <br />