2007/05/16 Council Agenda Packet

r. the next ensuing July 1 to June 30 twelve month period, and shall report that estimated amount to the City by October 1 of the current calendar year. 4. Upon termination or expiration of this Agreement, as provided in Section I-E or Section VI-B hereof, the Agency shall remit to the City the balance of Program Income on hand, and assign and convey to the City title to all Program Income receivables. Thereafter the Agency shall remit to the City any Program Income amounts received for so long as the City continues to be in a Consortium Agreement with Snohomish County, who is the Participating Jurisdiction (as defined at 24 CFR Part 92) in the HOME Program. 5. If the City ceases to be in the Consortium Agreement with Snohomish County, which is the Participating Jurisdiction, before the end of the term of this Agreement, the Agency shall at that time remit to the County any on hand Program Income comprised of funds which were Recaptured during the minimum period of affordability pursuant to 24 CFR § 92.254(a)(5)(ii). The County in turn shall remit such funds to HUD. Thereafter, all funds Recaptured pursuant to 24 CFR § 92.254(a)(5)(ii) during the minimum period of affordability shall be immediately remitted to the County, in perpetuity, and the County shall remit such funds to HUD. All other Program Income then on hand or received after the date the County ceases to be a Participating Jurisdiction may be retained by the Agency, for use as provided in Section IV-H-1 above, during the term of this Agreement. At the time that this Agreement terminates or is terminated, all such Program Income on hand shall be remitted to the County. Thereafter, Program Income received by the Agency, other than Recaptured funds, is no longer subject to this Agreement or to HOME Program regulations, and thus may be retained and used by the Agency without restriction. I. Shared Appreciation Each Loan made by Agency hereunder shall include a shared appreciation provision in the form contained in Attachment C (Loan Note). V. RECORDS AND REPORTS The Agency agrees to maintain the following records and submit the following reports in order to assist the City in meeting its recordkeeping and reporting requirements with Snohomish County: A. Records Records under this Agreement shall be retained for the applicable periods required by 24 CFR § 92.508(c). The Agency agrees to generate and maintain sufficient records to enable the City to determine whether the Agency has met the requirements of this Agreement, which 3 records shall include the following: HOME and ADDI Agreement between City of Everett and HomeSight 17