AG 2003 09 15 - Laserfiche WebLink

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B. DURATION OF AGREEMENT: This Agreement shall be effective as of the 1st day of July 2003 and shall remain in effect during the period of affordability required by the Act under 24 CFR Part 92.252 or 92.254. C. TERMS AND CONDITIONS: The Agency shall enforce th_is agreement through a p~omissory note and deed of trust on all real properties receiving an investment of HOME funds which shall require compliance with all applicable HOME Program requirements. This Agreement shall be considered breached if the Agency materially fails to comply with any term in this Agreement, and shall result in the termination of th/s Agreement and the recapture of all HOME funds disbursed to the Agency. The Agency shall assume responsibility for managing the day- to-day operations of its HOME program, to assure compliance with program requirements outlined in 24 CFR Part 92, and for taking appropriate action when performance problems arise. The Agency shall take full responsibility for ensuring that housing projects assisted with HOME funds meet the affordability and resale requirements of 24 CFR 92.252 or 92.254 as applicable, and shall repay its award of HOME funds in full to the City if the housing does not meet the affordability requirements for the specified time period. The Agency shall retain ail repayment, interest, and other return on the ' investment of HOME funds in a separate local account for use to fund additional eligible HOME activities of the Agency,s choosing and agrees to invest all returns on HOME investments in other eligible activities before drawing down additional HOME funds from the City of Concord. The Agency shall request disbursement of HOME funds only after local funds have been expended to complete each project. For each rehab project receiving HOME funds, the Agency shall submit a final reimbursement request to the City depicting the beneficiaries and indicating project completion.