Program Content. A. The use of HOME funds provided under this contract will be limited to the subsidy of actual costs involved in the acquisition of property, construction of homes, purchase and re-habilitation of existing homes, demolition, and the developer fees earned in connection with completion of each unit. Funding under this agreement will be provided in the form of a 0% interest development subsidy loan to complete the project as approved by the Department of Housing and Community Services.
Appears in 24 contracts
Samples: Funding Agreement, Funding Agreement, Funding Agreement
Program Content. A. The use of HOME funds provided under this contract will be limited to the subsidy of actual costs involved in the acquisition of property, construction of homes, purchase and re-habilitation of existing homes, demolition, and the developer fees earned in connection with completion of each unit. Funding under this agreement will be provided in the form of a 0% interest development subsidy loan loans to complete the project projects as approved on a case-by-case basis by the Department of Housing and Community Services. Developer shall obtain construction loans in order to leverage HOME funds construction investment, in an amount equivalent to 50% or more of the appraised value of the home to be constructed.
Appears in 2 contracts
Samples: Grant Agreement, Grant Agreement
