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2.2 <br /> <br />2.3 <br /> <br />SECTION <br /> <br />SECTION <br /> <br />SECTION <br /> <br />SECTION <br /> <br />SECTION <br /> <br />SECTION <br /> <br />regulations of the state's HOME program and with <br />federal HOME regulations at 24 CFR Part 92. <br /> <br />Counsel for the lead Entity has, as a part of this <br />cooperative agreement, verified that all terms and <br />provisions of the agreement are authorized under State <br />and local laws, and that the agreement provides full <br />legal authority for the consortium to undertake <br />affordable housing activities under the state's HOME <br />Program. <br /> <br />The Consortium's affordable housing projects will be <br />consistent with and give appropriate consideration to <br />the goals established in the Comprehensive Housing <br />Affordability Strategy (CHAS) for the State of North <br />Carolina. <br /> <br />3 The Consortium may establish an interjurisdictional <br /> administrative body to provide oversight for consortium <br /> planning, operations, fund allocation and evaluation to <br /> effectively participate in the HOME Program. The <br /> administrative body shall be responsible for <br /> administrative arrangements and the establishment of <br /> policy to carry out activities under the state's HOME <br /> Program. The administrative body shall be composed of <br /> the appropriate representatives of each consortium <br /> member. <br /> <br />4 Each party to this Agreement shall agree to <br /> affirmatively act to further fair housing as required <br /> in federal and state laws. <br /> <br />5 Each party to this Agreement is legally bound to the <br /> cooperative agreement for three (3) years and is <br /> required to remain in the consortium for the entire <br /> period. This cooperative agreement shall remain in <br /> effect for three (3) years. <br /> <br />6 The Consortium through the City of Concord shall <br /> establish a local HOME Investment Trust Fund for <br /> receipt of HOME funds and repayments generated by <br /> expenditure of HOME funds as specified in 24 CFR Part <br /> 92.500. <br /> <br />7 This cooperative agreement is executed with the <br /> understanding by all consortium members that each <br /> participant is expected, within reason, to contribute <br /> staff time or assist the lead entity in administration <br /> within the members jurisdiction. This time or cost is <br /> expected, within reason, to be proportionate to the <br /> share of funding received by each member. <br /> <br />8 The cooperating units hereby authorize the lead entity <br /> to submit, request and receive HOME funding from the <br /> state of North Carolina on behalf of the consortium and <br /> to otherwise act on behalf of the consortium. <br /> <br /> <br />