Common use of Program Content Clause in Contracts

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. B. Upon execution of this contract, the Developer shall proceed to complete acquisition of the individual project site as described herein within 30 days of execution of this agreement. An extension of time for site acquisition may be approved by the City of Wichita Housing and Community Services Department on a case-by-case basis. C. Developer will identify potential owner-occupant buyers for the home to be constructed, will assist them in applying for and securing first mortgage financing, will assist them in applying for down payment assistance loans to be provided by the City, and will coordinate final closings. The Developer is prohibited from charging servicing, loan origination, processing, inspection, or other fees that represent the cost of providing HOME assistance. D. Developer shall complete closing of construction loans in order to leverage HOME funds construction investment, in an amount equivalent to 70% or more of the appraised value of the home to be constructed, as approved by the City, within 30 days of the acquisition of the project sites, or within 30 days of signing a purchase agreement with an owner-occupant buyer who has obtained a written commitment for long-term mortgage financing, whichever date comes later. E. The Developer shall commence construction activities at each individual project site within 15 days of construction loan closing, but no later than 75 days from the date of execution of this funding agreement. Each single-family home is to be completed within a period of six months. Final site improvements are to be completed as seasonally appropriate.