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3 <br /> Subrecipient and Subgrantee Agreements <br /> The City of Everett partnered with the Everett Housing Authority (EHA)through a subrecipient <br /> agreement to implement its NSP program. EHA in turn contracted with 2 local non-profits, <br /> Parkview Services for down payment assistance to low income families and WA Home of Your <br /> Own (WAHOYO) to recover foreclosed properties that are now being rented to low income <br /> families(<50%MHI). <br /> If Everett allows EHA to retain use of program income,Everett will ensure that EHA follows all <br /> NSP requirements. If EHA allows any of the non-profits to retain use of program income, the <br /> EHA must ensure that the non-profits follow all NSP requirements. <br /> EHA and WAHOYO <br /> EHA has an agreement with WAHOYO. This agreement details how EHA and WAHOYO will <br /> administer any program income earned from the rental or sale of the NSP properties. WAHOYO <br /> may retain any revenue/program income it receives from renting the NSP properties so long as the <br /> rental income is treated as additional NSP funds that may only be used to benefit NSP properties. <br /> The rental income shall also be subject to all applicable requirements/regulations governing use of <br /> NSP funds. <br /> WAHOYO shall provide EHA an annual report detailing rental revenue generated from the NSP <br /> properties and maintenance and operation costs of renting those properties. This report shall be <br /> filed regardless of whether there is net revenue/program income generated by the NSP properties. <br /> This report shall be due on January 22 of each year. <br /> EHA and Parkview Services <br /> EHA has an agreement with Parkview Services where Parkview provided down payment <br /> assistance to NSP eligible homebuyers. Parkview shall deliver to EHA, on a quarterly basis, all <br /> NSP payments made by the homebuyer in repayment of the NSP assistance. <br /> These two agreements, between EHA and the nonprofits, detail annual reporting requirements. <br /> The City of Everett must then ensure that EHA reports annually on program income to them, in <br /> order that Everett can annually report to Commerce. Both agreements with the non-profits <br /> require that any unused program income be returned to EHA. EHA is required to report on <br /> program income at the end of each calendar year to the Contractor. <br /> Program income earned annually should be minimal. WAHOYO purchased and rents 4 homes <br /> to very low income families. Rental payments may result in some program income,after costs <br /> are netted out,but it should be minimal. Parkview Services provided down payment assistance <br /> loans to 2 homebuyers. Program income will be earned only when one of these houses sells. <br /> One of these houses has been sold and program income from that sale has been returned to <br /> Everett. That program income will be allocated in accordance with the following paragraph. <br /> Allocating program income. When the City of Everett accrues sufficient program income to <br /> complete a project, eligible for NSP funds,the City will allocate this NSP program income as <br /> Department of Commerce Page 4 <br /> Neighborhood Stabilization Program 1 <br /> Program Income Reuse Plan <br /> 34 <br />