Common use of GRANT FUNDS Clause in Contracts

GRANT FUNDS. The CDBG-DR funds allocated to the Subrecipient for the implementation of the DR-MHP program and the development, reconstruction, or rehabilitation of eligible, Approved Projects. Grant Funds include Activity Funds and Activity Delivery Funds. Household - One or more persons occupying a housing unit. Housing Unit - a residential unit that is used as a primary residence by its occupants. HUD – The United States Department of Housing and Urban Development. Indirect Costs - means those costs incurred for a common or joint purpose benefitting more than one cost objective, and not readily assignable to the cost objectives specifically benefitted, without effort disproportionate to the results achieved. To facilitate equitable distribution of indirect expenses to the cost objectives served, it may be necessary to establish a number of pools of indirect costs. Indirect cost pools must be distributed to benefitted cost objectives on bases that will produce an equitable result in consideration of relative benefits derived. Indirect Cost Rate Proposal - means the documentation prepared by a governmental unit or subdivision thereof to substantiate its request for the establishment of an indirect cost rate as further defined in 2 CFR 200.56 and 2 CFR 200.57. Low- to Moderate- Income (LMI) – Low to moderate income people are those having incomes not more than the “moderate-income” level (80% Area Median Family Income) set by the federal government for the HUD-assisted housing programs. This income standard changes from year to year and varies by Household size, county and the metropolitan statistical area. Master Standard Agreement (“Agreement”) – The contractual arrangement between the Department and the Subrecipient which sets forth the terms and conditions by which CDBG-DR funds must be utilized with regards to Approved Projects. National Environmental Protection Act (NEPA) – The federal law and associated regulations which establishes a broad national framework for protecting the environment. NEPA's basic policy is to assure that all branches of government consider the environment prior to undertaking any major federal action that could significantly affect the environment. Notice to Proceed (NTP) – the NTP is a binding document, approved as to form as a component of the Agreement, that amends the allocation agreement between the Subrecipient and HCD by committing funds to a specific Project. The NTP includes Project details, including but not limited to: a description of the Approved Project and the permitted uses of program funds; the Approved Project development budget and sources and uses of funds and financing; the number of units and Affordable Units; the approved schedule of the Project, including land acquisition, if any, commencement and completion of construction or rehabilitation work, and occupancy by eligible Households; Performance milestones; and Performance penalties. Program Income - In accordance with the definition found at 24 CFR 570.489(e)(2), Program Income is the repayment of assets generated from the use of CDBG-DR funds received by the Subrecipient from the Department. Program Income may consist of repayments of loans, lease payments, and proceeds of asset sales. Project – A multifamily housing development with 8 or more total units of which 4 units or 30% of the units (whichever is greater) must be affordable. Project Solicitation Process (PSP) – The process implemented by Subrecipients at the local level to solicit applications from Developers for Projects that address one or more DR-MHP program priorities, meet DR-MHP federal, state and local requirements, and that meet locally established criteria. The PSP sets forth the Project selection schedule, local requirements in addition to the requirements set forth in the DR-MHP Policies and Procedures Manual, and criteria for how Subrecipients will select Projects for submission to the Department to receive Activity Funds.

GRANT FUNDS. The CDBG-DR funds allocated to the Subrecipient for the implementation of the DR-MHP program and the development, reconstruction, or rehabilitation of eligible, Approved Projects. Grant Funds include Activity Funds and Activity Delivery Funds. Household - One or more persons occupying a housing unit. Housing Unit - a residential unit that is used as a primary residence by its occupants. HUD – The United States Department of Housing and Urban Development. Indirect Costs - means those costs incurred for a common or joint purpose benefitting more than one cost objective, and not readily assignable to the cost objectives specifically benefitted, without effort disproportionate to the results achieved. To facilitate equitable distribution of indirect expenses to the cost objectives served, it may be necessary to establish a number of pools of indirect costs. Indirect cost pools must be distributed to benefitted cost objectives on bases that will produce an equitable result in consideration of relative benefits derived. Indirect Cost Rate Proposal - means the documentation prepared by a governmental unit or subdivision thereof to substantiate its request for the establishment of an indirect cost rate as further defined in 2 CFR 200.56 and 2 CFR 200.57. Low- to Moderate- Income (LMI) – Low to moderate income people are those having incomes not more than the “moderate-income” level (80% Area Median Family Income) set by the federal government for the HUD-assisted housing programs. This income standard changes from year to year and varies by Household size, county and the metropolitan statistical area. Master Standard Agreement (“Agreement”) – The contractual arrangement between the Department and the Subrecipient which sets forth the terms and conditions by which CDBG-DR funds must be utilized with regards to Approved Projects. National Environmental Protection Act (NEPA) – The federal law and associated regulations which establishes a broad national framework for protecting the environment. NEPA's basic policy is to assure that all branches of government consider the environment prior to undertaking any major federal action that could significantly affect the environment. Notice to Proceed (NTP) – the NTP is a binding document, approved as to form as a component of the Agreement, that amends the allocation agreement between the Subrecipient and HCD by committing funds to a specific Project. The NTP includes Project details, including but not limited to: a description of the Approved Project and the permitted uses of program funds; the Approved Project development budget and sources and uses of funds and financing; the number of units and Affordable Units; the approved schedule of the Project, including land acquisition, if any, commencement and completion of construction or rehabilitation work, and occupancy by eligible Households; Performance milestones; and Performance penalties. Program Income - In accordance with the definition found at 24 CFR 570.489(e)(2), Program Income is the repayment of assets generated from the use of CDBG-DR funds received by the Subrecipient from the Department. Program Income may consist of repayments of loans, lease payments, and proceeds of asset sales. Project – A multifamily housing development with 8 or more total units of which 4 units or 30% of the units (whichever is greater) must be affordable. Project Solicitation Process (PSP) – The process implemented by Subrecipients at the local level to solicit applications from Developers for Projects that address one or more DR-MHP program priorities, meet DR-MHP federal, state and local requirements, and that meet locally established criteria. The PSP sets forth the Project selection schedule, local requirements in addition to the requirements set forth in the DR-MHP Policies and Procedures Manual, and criteria for how Subrecipients will select Projects for submission to the Department to receive Activity Funds.

GRANT FUNDS. The CDBG-DR funds allocated to the Subrecipient for the implementation of the DR-MHP program and the development, reconstruction, or rehabilitation of eligible, Approved Projects. Grant Funds include Activity Funds and Activity Delivery Funds. Household - One or more persons occupying a housing unit. Housing Unit - a residential unit that is used as a primary residence by its occupants. HUD – The United States Department of Housing and Urban Development. Indirect Costs - means those costs incurred for a common or joint purpose benefitting more than one cost objective, and not readily assignable to the cost objectives specifically benefitted, without effort disproportionate to the results achieved. To facilitate equitable distribution of indirect expenses to the cost objectives served, it may be necessary to establish a number of pools of indirect costs. Indirect cost pools must be distributed to benefitted cost objectives on bases that will produce an equitable result in consideration of relative benefits derived. Indirect Cost Rate Proposal - means the documentation prepared by a governmental unit or subdivision thereof to substantiate its request for the establishment of an indirect cost rate as further defined in 2 CFR 200.56 and 2 CFR 200.57. Low- to Moderate- Income (LMI) – Low to moderate income people are those having incomes not more than the “moderate-income” level (80% Area Median Family Income) set by the federal government for the HUD-assisted housing programs. This income standard changes from year to year and varies by Household size, county county, and the metropolitan statistical area. Master Standard Agreement (“Agreement”) – The contractual arrangement between the Department and the Subrecipient which sets forth the terms and conditions by which CDBG-DR funds must be utilized with regards to Approved Projects. National Environmental Protection Act (NEPA) – The federal law and associated regulations which establishes a broad national framework for protecting the environment. NEPA's basic policy is to assure that all branches of government consider the environment prior to undertaking any major federal action that could significantly affect the environment. Notice to Proceed (NTP) – the NTP is a binding document, approved as to form as a component of the Agreement, that amends the allocation agreement between the Subrecipient and HCD by committing funds to a specific Project. The NTP includes Project details, including but not limited to: a description of the Approved Project and the permitted uses of program funds; the Approved Project development budget and sources and uses of funds and financing; the number of units and Affordable Units; the approved schedule of the Project, including land acquisition, if any, commencement and completion of construction or rehabilitation work, and occupancy by eligible Households; Performance milestones; and Performance penalties. Program Income - In accordance with the definition found at 24 CFR 570.489(e)(2), Program Income is the repayment of assets generated from the use of CDBG-DR funds received by the Subrecipient from the Department. Program Income may consist of repayments of loans, lease payments, and proceeds of asset sales. Project – A multifamily housing development with 8 or more total units of which 4 units or 30% of the units (whichever is greater) must be affordable. Project Solicitation Process (PSP) – The process implemented by Subrecipients at the local level to solicit applications from Developers for Projects that address one or more DR-MHP program priorities, meet DR-MHP federal, state and local requirements, and that meet locally established criteria. The PSP sets forth the Project selection schedule, local requirements in addition to the requirements set forth in the DR-MHP Policies and Procedures Manual, and criteria for how Subrecipients will select Projects for submission to the Department to receive Activity Funds.

GRANT FUNDS. The CDBG-DR funds allocated to the Subrecipient for the implementation of the DR-MHP program and the development, reconstruction, or rehabilitation of eligible, Approved Projects. Grant Funds include Activity Funds and Activity Delivery Funds. Household - One or more persons occupying a housing unit. Housing Unit - a residential unit that is used as a primary residence by its occupants. HUD – The United States Department of Housing and Urban Development. Indirect Costs - means those costs incurred for a common or joint purpose benefitting more than one cost objective, and not readily assignable to the cost objectives specifically benefitted, without effort disproportionate to the results achieved. To facilitate equitable distribution of indirect expenses to the cost objectives served, it may be necessary to establish a number of pools of indirect costs. Indirect cost pools must be distributed to benefitted cost objectives on bases that will produce an equitable result in consideration of relative benefits derived. Indirect Cost Rate Proposal - means the documentation prepared by a governmental unit or subdivision thereof to substantiate its request for the establishment of an indirect cost rate as further defined in 2 CFR 200.56 and 2 CFR 200.57. Low- to Moderate- Income (LMI) – Low to moderate income people are those having incomes not more than the “moderate-income” level (80% Area Median Family Income) set by the federal government for the HUD-assisted housing programs. This income standard changes from year to year and varies by Household size, county county, and the metropolitan statistical area. Master Standard Agreement (“Agreement”) – The contractual arrangement between the Department and the Subrecipient which sets forth the terms and conditions by which CDBG-DR funds must be utilized with regards to Approved Projects. National Environmental Protection Act (NEPA) – The federal law and associated regulations which establishes a broad national framework for protecting the environment. NEPA's basic policy is to assure that all branches of government consider the environment prior to undertaking any major federal action that could significantly affect the environment. Notice to Proceed (NTP) – the NTP is a binding document, approved as to form as a component of the Agreement, that amends the allocation agreement between the Subrecipient and HCD by committing funds to a specific Project. The NTP includes Project details, including but not limited to: a description of the Approved Project and the permitted uses of program funds; the Approved Project development budget and sources and uses of funds and financing; the number of units and Affordable Units; the approved schedule of the Project, including land acquisition, if any, commencement and completion of construction or rehabilitation work, and occupancy by eligible Households; Performance milestones; and Performance penalties. Program Income - In accordance with the definition found at 24 CFR 570.489(e)(2), Program Income is the repayment of assets generated from the use of CDBG-DR funds received by the Subrecipient from the Department. Program Income may consist of repayments of loans, lease payments, and proceeds of asset sales. Project – A multifamily housing development with 8 or more total units of which 4 units or 30% of the units (whichever is greater) must be affordable; or a Small Rental Housing Project (as defined below) with 1 – 7 total units of which 4 units or 30% of the units (whichever is greater) must be affordable. Project Solicitation Process (PSP) – The process implemented by Subrecipients at the local level to solicit applications from Developers for Projects that address one or more DR-MHP program priorities, meet DR-MHP federal, state and local requirements, and that meet locally established criteria. The PSP sets forth the Project selection schedule, local requirements in addition to the requirements set forth in the DR-MHP Policies and Procedures Manual, and criteria for how Subrecipients will select Projects for submission to the Department to receive Activity Funds.