AG 1998 07 13 - Laserfiche WebLink

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DURA TION OF AGREEMENT: This Agreement shall be effective as of the 1st day of July 1998 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 this agreement through a promissory 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 this 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 it has assisted with HOME funds meets 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 all 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 additional eligible activities before drawing down additional HOME fitnds from the City of Concord. The Agency shall request disbursement of HOME funds only at the time funds are needed for payment of eligible costs and to request an amount of funds limited to that needed to cover these costs and which can be expended within 15 days from the date fitnds are disbursed to the City from the U.S. D-easury.