Repayment of HOME Funds. If property does not comply with 24 CFR 92.252 funding will be paid back with nonfederal funds.
Repayment of HOME Funds. 1. The Agency shall return or transfer to the County, as the case may be, all undisbursed HOME funds and Program Income not otherwise committed for pending loans upon the occurrence of any of the following events:
a. The Project terminates before completion, voluntarily or involuntarily; or
b. The Agency’s Community Housing Improvement Program or the Agency itself ceases to exist; or
c. This Agreement between the County and the Agency is terminated.
2. To the extent there are pending loans to be made at the time of any such occurrence, the Agency shall either make the pending loans and subsequently transfer the loans to the County, or notify the County that it will transfer to the County the full balance of such funds so that the County may close the pending loans.
3. The Agency shall return or repay to the County all HOME funds disbursed to it under this Agreement upon the occurrence of any of the following events:
a. The housing in which HOME funds are invested does not meet the post-rehabilitation actual value specified in 24 CFR § 92.254(b)(1), PROVIDED, HOWEVER, that the Agency need only return or repay HOME funds attributable to the particular housing not meeting such affordability requirements; or
b. The Agency has received HOME funds pursuant to this Agreement to pay or reimburse it for activities subsequently found to be ineligible for funding, PROVIDED, HOWEVER, that the Agency need only return or repay HOME funds attributable to the ineligible activity;
c. The HOME funds disbursed by the County are not used in accordance with HOME Program requirements and this Agreement, PROVIDED, that the Agency need only return or repay HOME funds attributable to activities not undertaken in accordance with HOME Program requirements or this Agreement.
d. If overpayments are made solely to the extent of the overpayment. Any HOME funds to be returned or repaid to the County must be repaid to the County’s HOME Fund local account.
Repayment of HOME Funds. During and until completion of the HOME Compliance Period, the Agency shall return to the City funds disbursed to it under this Loan Agreement upon the occurrence of any of the following events:
1. HOME-assisted activities are cancelled;
2. Overpayments are made, to the extent of those overpayments;
3. If payments are made for activities that are later determined to be ineligible; or
4. The Project or any part thereof is terminated before completion, voluntarily or otherwise, which termination constitutes an ineligible activity requiring repayment to the City’s HOME Investment Trust Fund, pursuant to 24 CFR §§ 92.205(e) and 92.503(b)(2); the Project shall be deemed terminated if the Project is not completed within 2 years from the date of this Loan Agreement;
5. The Project or any part thereof ceases to qualify as affordable housing before the period of affordability expires, pursuant to 24 CFR §§ 92.501 and 92.503(b)(1); or
6. HOME-Assisted Units remain unoccupied eighteen (18) months after Project completion (defined as construction completed and the units ready for occupancy).
Repayment of HOME Funds. The City shall return to the County funds disbursed to it under this Agreement upon the occurrence of any of the following events:
1. If HOME-assisted activities are cancelled, but only to the extent of any undisbursed funds, Program Income and Recaptured Funds, which shall be returned to the County; or
2. If overpayments are made, solely to the extent of the overpayment; or
3. If payments are made for activities that are later determined to be ineligible; or
4. If the Project or any part thereof is terminated before completion, voluntarily or otherwise, which termination constitutes an ineligible activity requiring repayment to the County’s HOME Investment Trust Fund, pursuant to 24 CFR §§ 92.205(e) and 92.503(b)(2); or
5. If the Project or any part thereof ceases to qualify as affordable housing before the period of affordability expires, pursuant to 24 CFR §§ 92.501 and 92.503(b)(1); or
6. If the HOME-Assisted Units remain unoccupied eighteen months after Project completion (defined as construction completed and the units are ready for occupancy). Any HOME funds to be returned or repaid to the County must be repaid to the County’s HOME Investment Fund.
