BC 1992 08 03 - Laserfiche WebLink

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31 as determined by the appropriate project term of affordability. The period of affordability may extend to fifty (50) years if the consortium elects to participate in an FHA mortgage program. 2.1 The Lead Entity is assigned overall responsibility for ensuring that consortium activities comply with the regulations of the state's HOME program and with federal HOME regulations at 24 CFR Part 92. 2.2 Counsel for the lead Entity has, as a part of this cooperative agreement, verified that all terms and provisions of the agreement are authorized under State and local laws, and that the agreement provides full legal authority for the consortium to undertake affordable housing activities under the state's HOME Program. 2.3 The Consortium's affordable housing projects will be consistent with and give appropriate consideration to the goals established in the Comprehensive Housing Affordability Strategy (CHAS) for the State of North Carolina. SECTION 3 The Consortium may establish an interjurisdictional administrative body to provide oversight for consortium planning, operations, fund allocation and evaluation to effectively participate in the HOME Program. The administrative body shall be responsible for administrative arrangements and the establishment of policy to carry out activities under the state's HOME Program. The administrative body shall be composed of the appropriate representatives of each consortium member. SECTION 4 Each party to this Agreement shall agree to affirmatively act to further fair housing as required in federal and state laws. SECTION 5 Each party to this Agreement is legally bound to the cooperative agreement for three (3) years and is required to remain in the consortium for the entire period. This cooperative agreement shall remain in effect for three (3) years. SECTION 6 The Consortium through the City of Concord shall establish a local HOME Investment Trust Fund for receipt of HOME funds and repayments generated by expenditure of HOME funds as specified in 24 CFR Part 92.500. SECTION 7 This cooperative agreement is executed with the understanding by all consortium members that each participant is expected, within reason, to contribute staff time or assist the lead entity in administration within the members jurisdiction. This time or cost is expected, within reason, to be proportionate to the share of funding received by each member. SECTION 8 The cooperating units hereby authorize the lead entity to submit, request and receive HOME funding from the state of North Carolina on behalf of the consortium and to otherwise act on behalf of the consortium. SECTION 9 With reference to any program income and repayments generated from the HOME funds, federal regulations shall govern placement of program income generated from HOME funds and repayments into the local trust fund. Program income and repayments on projects shall only be available to the lead entity for further use on activities within Concord that are consistent with the HOME act SECTION 10 The cooperating units and lead entity agree that each will save the other harmless due to the negligent acts of its employees, officers or agents, including volunteers, or due to any negligent operation of equipment. This section shall not be construed as waiving any defense or limitation which either party may have against any claim or cause of action by any person not a party to this agreement. The cooperating units shall not be held harmless for liability that may result from failure to provide proper accounting or otherwise comply with state and federal regulations. THIS AGREEMENT is executed this day of August 1992 by the Chief Elected officials and is subject to applicable Federal and State laws and regulations.