HOME Requirements Sample Clauses

HOME Requirements. (a) Borrower shall comply with all applicable laws and regulations governing the use of the HOME Funds as set forth in 24 C.F.R. Part 92. In the event of any conflict between this HOME Regulatory Agreement and applicable laws and regulations governing the use of the Combined County Loan funds, the applicable laws and regulations govern.
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HOME Requirements. The Borrower shall carry out the design, construction and operation of the Project, and operate the Program, in conformity with all applicable laws, regulations, and rules of governmental agencies having jurisdiction, including without limitation, the HOME Requirements and the legal requirements set forth in Exhibit No. [X] attached to this Agreement and the statutes referenced therein. For purposes of this paragraph, “HOME Requirements” mean the requirements of the HOME Investment Partnership Act, as amended (42 U.S.C. § 12741, et seq.), and the implementing regulations (24 C.F.R. § 92, et seq.), and the legal requirements summarized or referenced in Exhibit No. D attached hereto and incorporated herein by this reference. [Intentionally Omitted if inapplicable.]
Sample 1
HOME Requirements. 4.1 All HOME assisted units in the Project must meet the following requirements as outlined in Subpart F of the HOME regulations (24 C.F.R. Parts 91 and 92). Maximum per unit subsidy & subsidy layers - Section 92.250 Greccio further agrees to comply with the maximum per unit subsidy amount and subsidy layer requirements. It is understood between the parties that the maximum allowable HOME per unit subsidy limit is $63,012 for an efficiency, $72,230 for a one bedroom, $87,832 for a two bedroom and $113,624 for a three bedroom unit. The total costs involved for acquisition of the HOME- assisted units in this Project does not exceed the maximum allowable per-unit HOME subsidy. Property Standards - Section 92.251 & Lead Based Paint - 92.355 Greccio will ensure that the new construction meets all the Property standards for new construction as listed in Section 92.251, and the lead based paint requirements in Section 92.355 upon Project completion. Lead based paint will not be used in this Project. As owner of the Property Greccio must maintain the rental housing in compliance with Section 92.251 for the duration of the Affordability Period. Greccio will insure that the Property is maintained in compliance with applicable Housing Quality Standards and local housing and health code requirements for the length of the loan.
Sample 1
HOME Requirements. 4.1 This Project must qualify as affordable housing under the Home Investment Partnerships Program, 24 CFR Parts 92.218, 92.219, 92.220, 92.221. Specifically, the following criteria apply: • Income targeting as defined at 24 CFR Parts 92.217 • Income determinations as defined at 24 CFR Parts 92.203. • Match requirements as defined at 24 CFR Parts 92.218, 219, 220, 221, 222 • Property standards as defined at 24 CFR Parts 92.251 • Single-family housing limitation defined at 24 CFR Parts 92.254(a)(1) • Purchase-price limitation defined at 24 CFR Parts 92.254(a)(2) • Project occupancy requirements defined at 24 CFR parts 92.254(a)(3) • Period of Affordability defined at 24 CFR Parts 92.254(a)(4) • The Period of Affordability for the home will be five (5) years based on the HOME per unit investment of $10,000.00. The Period of Affordability will begin after the Property is sold to RMCLT and to the Homebuyer. The loan affordability period will begin after the HOME affordability period ends and will continue until the loan is paid in full. • Resale/recapture provisions defined at 24 CFR Parts 92.254(a)(5) The above listed federal requirements can be accessed through HUD's web site: xxx.xxx.xxx/xxx/xxxx/xxxxxxx.xxxx.
Sample 1
HOME Requirements. A new Attachment No. 18 shall be added to the OPA entitled HOME Requirements. The form of the new Attachment 18 is attached to this Second Implementation Agreement as Attachment 4. As a result of the HOME funding for the Subarea A Improvements, the Developer shall comply with and shall cause its contractors and all subcontractors to comply with the requirements of the Xxxxx-Xxxxx Act (40 U.S.C. 276 et seq.) in the construction of the Subarea A Improvements.
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HOME Requirements 
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  • Maintenance Requirements The Contractor shall ensure and procure that at all times during the Maintenance Period, the Project Highway conforms to the maintenance requirements set forth in Schedule-E (the “Maintenance Requirements”).

  • Insurance Requirements Vendor agrees to maintain the following minimum insurance requirements for the duration of this Agreement. All policies held by Vendor to adhere to this term shall be written by a carrier with a financial size category of VII and at least a rating of “A‐” by A.M. Best Key Rating Guide. The coverages and limits are to be considered minimum requirements and in no way limit the liability of the Vendor(s). Any immunity available to TIPS or TIPS Members shall not be used as a defense by the contractor's insurance policy. Only deductibles applicable to property damage are acceptable, unless proof of retention funds to cover said deductibles is provided. "Claims made" policies will not be accepted. Vendor’s required minimum coverage shall not be suspended, voided, cancelled, non‐renewed or reduced in coverage or in limits unless replaced by a policy that provides the minimum required coverage except after thirty (30) days prior written notice by certified mail, return receipt requested has been given to TIPS or the TIPS Member if a project or pending delivery of an order is ongoing. Upon request, certified copies of all insurance policies shall be furnished to the TIPS or the TIPS Member. Vendor agrees that when Vendor or its subcontractors are liable for any damages or claims, Vendor’s policy, shall be primary over any other valid and collectible insurance carried by the Member or TIPS. General Liability: $1,000,000 each Occurrence/Aggregate Automobile Liability: $300,000 Includes owned, hired & non‐owned Workers' Compensation: Statutory limits for the jurisdiction in which the Vendor performs under this Agreement. If Vendor performs in multiple jurisdictions, Vendor shall maintain the statutory limits for the jurisdiction with the greatest dollar policy limit requirement. Umbrella Liability: $1,000,000 each Occurrence/Aggregate

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