Use of HOME Funds. The GRANTOR agrees to provide the DEVELOPER an amount not to exceed $85,000 from its Federal Fiscal Year FY 2007-2008 HOME Community Housing Development Organization (CHDO) set-aside to be used for related development functions and providing down payment assistance to low- to moderate-income households for the homeownership opportunities. The DEVELOPER shall use the Funds in accordance with the HOME program guidelines outlined in 24 CFR Part 92 in carrying out the PROGRAM in the manner as described below:
a.) The DEVELOPER shall comply with the PROGRAM procedures and schedule, as described in “Attachment 2” attached hereto and by reference made a part hereof.
b.) The DEVELOPER shall provide the GRANTOR with the budget and financial projection for each home from the preliminary budget for the construction of each of the three (3) houses as provided in “Attachment 3” or in a similar document format as approved by the GRANTOR.
c.) The DEVELOPER shall own or purchase the real property for the Project in the following locations: Three (3) in Champaign at Xxxxxxx Xxxx Infill Locations.
d.) The DEVELOPER shall complete the Affordable Homeownership Program in accordance with the homebuyer contract provisions as described in “Attachment 4” attached hereto and by reference made a part hereof.
e.) The DEVELOPER shall incorporate the sample documents for the PROGRAM as described in “Attachment 5” attached hereto and by reference made a part hereof.
Use of HOME Funds. (1) The CHDO shall perform the projects or tasks related to its allocation of HOME funds according to the schedule and within the budget outlined in Attachment A. Attachment A is hereby made a part of this Agreement, as it now reads or as it may be modified by the parties.
(2) The CHDO shall propose projects within 24 months of receiving HOME funds under this Agreement which meet HOME requirements under 24 CFR Part 92. 300 and conform to the City’s Consolidated Plan.
Use of HOME Funds. HOME funds shall be used by CHDO for the purposes and objectives stated in Schedule "A" of this Agreement, and for no other purpose(s).
Use of HOME Funds. The HOMEBUYER agrees that the HOME assistance will be used to lower the construction cost of the home by providing a developer subsidy to the AWARDEE to pay part of the cost of construction. This will reduce the sales price of the home to the HOMEBUYER and reduce the total amount the HOMEBUYER will be required to borrow in order to purchase the home.
Use of HOME Funds. The HOMEOWNER and the CITY agree that the HOME assistance will be used to pay all of the costs of rehabilitating or reconstructing the HOMEOWNER’s home.
Use of HOME Funds. Recipient and Contractor acknowledge and agree that DCA has provided HOME funds (the “Funds”) to Recipient under DCA’s CHIP program, which funds are only to be used in connection with the CHIP program and for the activities that are specified and out lined in the written award of the Funds from DCA to Recipient. Each use of Funds by Recipient for an individual activity or project under the CHIP program shall be pursuant to a budget and schedule prepared for each such activity or project.
Use of HOME Funds. (1) HFNH shall perform the projects or tasks related to its allocation of HOME funds according to the schedule and within the budget outlined in Attachment A, entitled, “Scope of Services.” Attachment A is hereby made a part of this Agreement.
Use of HOME Funds. 1. HOME Funds as Loan. Borrower understands that the HOME Funds are provided as a loan. A loan provided under the Town’s Home Buyer Assistance Program is a second mortgage that repayment is as follows: Principal is repayable at no interest on a declining, sliding scale, of 20% per year for five years, and being more specifically outlined as follows: , 2014, and December, 31, 2014) $ ; • In the event the home is sold in the second year (between the dates of January 1, 2015, and December 31, 2015) $ ; · In the event the home is sold in the third year (between the dates of January 1, 2016, and December 31, 2016) $ ; • In the event the home is sold in the fourth year (between the dates of January 1, 2017, and December 31, 2017) $ ; • In the event the home is sold in the fifth year (between the dates of January 1, 2018, and December 31, 2018) $ . In the event Borrower does not sell the property prior to January 1, 2019, this loan shall be deemed null and void
Use of HOME Funds. The CHDO covenants and agrees to use the HOME Funds to pay for Eligible Operating Costs associated with the Eligible Operating Activities.
Use of HOME Funds. The GRANTOR agrees to provide the DEVELOPER an amount not to exceed $102,041 from its Federal Fiscal Year FY 2004-2005 HOME Community Housing Development Organization (CHDO) set-aside to be used for purchase of the Park Street Apartments located at 000,000 xxx 000 Xxxx Xxxxxx xx Xxxxxxxxx, Xxxxxxxx. The DEVELOPER shall use the Funds in accordance with the HOME program guidelines outlined in 24 CFR Part 92 in carrying out the PROGRAM in the manner as described below:
a.) The DEVELOPER shall comply with the PROGRAM scope of work, which is outlined in the procedures and schedule, as described in “Attachment 2” attached hereto and by reference made a part hereof.
b.) The DEVELOPER shall utilize HOME funds in a manner consistent with the budget and financial projection for the purchase as provided in “Attachment 3”.
c.) The DEVELOPER shall own or purchase the real property for the Project located at 000, 000 xxx 000 Xxxx Xxxxx xx Xxxxxxxxx, Xxxxxxxx.
d.) The DEVELOPER shall execute and incorporate the sample documents for the PROGRAM as described in “Attachment 4” attached hereto and by reference made a part hereof.
