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1 <br /> AMENDMENT NO. 3 <br /> Year of Funding: 2014 (Pre-2015) <br /> Original Project: HomeSight—Down Payment Assistance <br /> Amount: $23,513.00 <br /> New Proposed Project: Community Home Improvement Program (CHIP) <br /> Commitment Deadline: July 31, 2017 <br /> HUD Expenditure Deadline: 7/31/2019 <br /> Explanation: This is a portion of the HOME funds of$128,513.00 awarded to HomeSight in 2014. <br /> HomeSight was able to provide $105,000 in down payment assistance to the Everett community before <br /> the end of their award contract. Because of the short deadline the funds must be reallocated to a <br /> project that is able to make a commitment by contract within the next few months.The Community <br /> Housing Improvement Program maintains a waiting list and could meet the commitment deadline to <br /> keep the money for benefit within the community. <br /> AMENDMENT NO. 4 <br /> Year of Funding: 2013 (Pre-2015) <br /> Original Project: Parkview Services— Down Payment Assistance <br /> Amount: $60,486.00 <br /> New Proposed Project: Community Home Improvement Program (CHIP) <br /> Commitment Deadline: July 31, 2017 <br /> HUD Expenditure Deadline: 7/31/2019 <br /> Explanation: This is a portion of the HOME funds of$130,486.00 awarded to Parkview Services in <br /> 2013. Parkview Services was able to$70,000.00 in down payment assistance before the end of their 6 <br /> award contract. Because of the short deadline the funds must be awarded to a project that is able to <br /> make a commitment by contract within the next few months.The Community Housing Improvement <br /> Program maintains a waiting list and could meet the commitment deadline to benefit the community. <br /> AMENDMENT NO. 5 <br /> Year of Funding: 2016 <br /> Original Project: Community Home Improvement Program (CHIP) <br /> Amount: $268,999.00 <br /> New Proposed Project: Colby Avenue Youth Center <br /> Commitment Deadline: 8/31/2018 <br /> HUD Expenditure Deadline: 8/31/2021 <br /> Explanation: A portion of the 2016 CHIP HOME funding award is proposed to be reallocated to the <br /> Colby Avenue Youth Center.These funds are available for reallocations due to commitment deadlines, <br /> expenditure deadlines, and federal rules related to the use of HOME program income prior to any new <br /> allocation. At the time of the 2016 allocation,there was a modest program income balance but has <br /> since increased making it unlikely CHIP will be able to use these funds within the deadline and because <br /> a new allocation is expected for 2017 adding to the balance of funding available for loans. Note that <br /> rules regarding HOME funding program income changed in early 2015 and will alleviate some of the <br /> deadline and program income predictability challenges in the future. <br /> 12 <br />