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AG 2012 08 20
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AG 2012 08 20
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Last modified
8/21/2012 1:00:56 PM
Creation date
11/27/2017 11:10:58 AM
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Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
8/20/2012
Board
Board of Commissioners
Meeting Type
Regular
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ANNUAL AGREEMENT FOR THE EXECUTION OF THE <br />HOME INVESTMENT PARTNERSHIPS PROGRAM <br />This Agreement, made and entered into this day of ' 2012 and between the City of <br />Concord, a municipal corporation organized and existing under the laws of the State of North Carolina, and <br />serving as the lead entity of the Cabarrus /Iredell /Rowan HOME Consortium (hereinafter "City "), and Cabarrus <br />County, a body politic and incorporated under the laws of the State of North Carolina (hereinafter "Agency ") <br />has been designated to receive $92,841 in project funds and $5,570 for administrative costs; and <br />WITNESSETH <br />WHEREAS, the City has entered into an Agreement to receive funds for a Home Investment <br />Partnerships Program (hereinafter "Funding Agreement ") with the U.S. Department of Housing and Urban <br />Development (hereinafter "HUD "); and <br />WHEREAS, it is the purpose of this agreement to effect a specified portion of the program approved by <br />the Funding Agreement in accordance with the policies expressed by and declared in Title II of the Cranston - <br />Gonzalez National Affordable Housing Act, as amended (hereinafter "Act "); and <br />WHEREAS, pursuant to said purpose the Agency is undertaking certain activities and desires to engage <br />the City to render certain assistance in such undertakings. <br />NOW, THEREFORE, for valuable consideration and mutual promises exchanged between the parties <br />hereto, it is agreed as follows: <br />A. SCOPE OF SERVICES <br />1. The services to be performed pursuant to this Agreement (hereinafter "Project "), shall be those <br />specified in the Scope of Services (attached hereto as Attachment A), and under the Project Title(s), <br />Rehabilitation of Owner - Occupied Houses, in the Action Plan submitted by the City and approved <br />by HUD as that Action Plan now reads or as it may later be modified in accordance with regulations <br />promulgated by HUD. <br />2. The City may, from time to time, request changes in the scope of service of the Agency to be <br />performed hereunder. Such changes, including any increase or decrease in the amount of the <br />Agency's compensation, which is mutually agreed upon by and between the City and the Agency, <br />shall be incorporated in written amendments to the Agreement. <br />B. DURATION OF AGREEMENT <br />This Agreement shall be effective as of the 1s' day of July 2012, and shall remain in effect during the <br />period of affordability required by the Act under 24 CFR Part 92.252 or 92.254. <br />C. TERMS AND CONDITIONS <br />1. The Agency shall enforce this agreement through a promissory note and deed of trust on all real <br />properties receiving an investment of HOME funds which require compliance with all applicable <br />HOME Program requirements. This Agreement shall be considered breached if the Agency <br />materially fails to comply with any term in this Agreement and shall result in the termination of this <br />Agreement and the recapture of all HOME funds disbursed to the Agency. <br />06! ' number 2 <br />F -7 Page 122 <br />
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