Cocoon House 4/19/2018 - Laserfiche WebLink

reference) and any other loan requirements or close out reports identified in Section V. RECORDS AND REPORTS, B.1. Reports, herein, including, but not limited to: 1. Documentation demonstrating that all HOME Program assisted units meet the applicable codes, and the Uniform Property Condition Standards (UPCS) or other HOME required property standards. 2. A Certificate of Occupancy issued by the local building department, if applicable. 3. A listing of the HOME Assisted Units with tenant information necessary demonstrate compliance with HOME Program requirements and with affordable rental housing provisions contained in 24 CFR § 92.252. 4. Certification from the project architect or 3rd party inspector, as approved by the City, that the project is completed per the contract documents, and units meet Section 504 accessibility standards. 5. Other Project Close-Out Reports/Submittals as identified in Section V.B.1, herein and Exhibit K. 6. The HOME-Assisted Units must meet the affordability requirements of 24CFR §92.252. In the event the HOME-Assisted Units do not meet the HOME affordability requirements for the specified term of the loan per Section I, Subsection G, the HOME funds shall be repaid. F. Repayment of HOME Funds During and until completion of the HOME Compliance Period, the Agency shall return to the City funds disbursed to it under this Loan Agreement upon the occurrence of any of the following events: 1. HOME-assisted activities are cancelled; 2. Overpayments are made, to the extent of those overpayments; 3.The Project or any part thereof is terminated before completion, voluntarily or otherwise, which termination constitutes an ineligible activity requiring repayment by the City to the City's HOME Investment Trust Fund, pursuant to 24 CFR §§ 92.205(e) and 92.503(b)(2); the Project shall be deemed terminated if the project is not completed within 4 years from the date of this Agreement; 4. The Project or any part thereof ceases to qualify as affordable housing before the period of affordability expires, pursuant to 24 CFR §§ 92.501 and 92.503(b)(1); or 5. HOME-Assisted Units remain unoccupied eighteen (18) months after Project completion (defined as construction completed and the units ready for occupancy). G. Budget Surplus All City funds and authorization of funds remaining in the Project Budget upon closeout of the Project shall, unless otherwise agreed to by the City, any other public funders and the Loan Agreement Cocoon House Page 28 of 51