Laserfiche WebLink
5. Recapture Provisions <br /> The Agency shall adopt, implement and enforce the HOME Program Recapture <br /> provisions of 24 CFR § 92.254(a)(5)(ii) (the "Recapture provisions") in compliance <br /> with all applicable terms thereof. The Recapture provisions shall be contained in the <br /> written agreements with homebuyers required by Section III-D hereof, shall be <br /> enforced by recorded deeds of trust securing repayment of HOME and ADDI <br /> subsidies, and shall remain in effect for each award of HOME or ADDI assistance to <br /> a homebuyer for the minimum period of affordability provided in 24 CFR § 92.254(a) <br /> applicable to that award. The Recapture provisions shall otherwise be uniformly <br /> applied to all individual homebuyer HOME and ADDI assistance awards. The <br /> Agency's Recapture provisions shall be submitted to the City for its review and <br /> approval. <br /> D. Agreement with Homeowners <br /> Written agreements with homeowners shall meet the requirements of 24 CFR <br /> § 92.504, as applicable, and shall contain the Recapture provisions described in <br /> Section III-C-5 of this Agreement. The Agency will include in each homeowner <br /> agreement assisted with HOME or ADDI funds under this Agreement (i) the <br /> acquisition requirements found at 24 CFR § 92.504(c)(5) applicable to <br /> homeownership assistance and (ii) the reservation of rights in the City to inspect <br /> homebuyers' records as provided in Section V-B-4 of this Agreement. <br /> The forms of written agreement with homeowners and the deed of trust proposed to <br /> be used by the Agency are attached hereto as Attachment C and Attachment D, <br /> respectively, and incorporated herein by this reference. The City shall review and <br /> approve these forms prior to their use by the Agency. Any subsequent proposed <br /> revisions to either the written agreement with homeowners or the deed of trust shall <br /> be submitted to the City for its review and approval. <br /> IV. FISCAL MANAGEMENT <br /> A. Eligible Costs <br /> Disbursements shall be made to the Agency under this Agreement only for certain <br /> "eligible project costs," as that term is defined in 24 CFR § 92.206, and, if approved <br /> by HUD, for certain "pre-award costs" pursuant to 24 CFR § 92.212. In no event, <br /> however, shall disbursement be made to the Agency for costs not included in the <br /> Project Budget attached as Attachment B to this Agreement. <br /> No expenditure of HOME or ADDI funds shall be made for "prohibited activities," as <br /> that term is defined in 24 CFR § 92.214. <br /> HOME and ADDI Agreement between <br /> City of Everett and HomeSight <br /> 12 <br />