USE OF REAL PROPERTY ACQUIRED OR IMPROVED WITH CDBG FUNDS. Any real property acquired or improved with CDBG funds under this Agreement shall be used to meet one of the CDBG National Objectives pursuant to 24 CFR 570.208 for a minimum period of five (5) years after expiration of the term of this Agreement or expiration of a specified performance period, whichever is less. If the Contractor fails to use CDBG- assisted real property in a manner that meets a CDBG National Objective for the minimum prescribed period of time, the Contractor shall pay the County an amount equal to the current fair market value of the property less any portion of the value attributable to expenditures of non-CDBG funds for acquisition of or improvements to the property.
Appears in 3 contracts
Samples: Housing Rehabilitation Agreement, Shelter Operations Agreement, Agreement Between County of San Mateo and Service League of San Mateo County for Activity Room Renovation
USE OF REAL PROPERTY ACQUIRED OR IMPROVED WITH CDBG FUNDS. Any real property acquired or improved with CDBG funds under this Agreement shall be used to meet one of the CDBG National Objectives pursuant to 24 CFR 570.208 for a minimum period of five (5) years after expiration of the term of this Agreement or expiration of a specified performance period, whichever is less. If the Contractor fails to use CDBG- CDBG-assisted real property in a manner that meets a CDBG National Objective for the minimum prescribed period of time, the Contractor shall pay the County an amount equal to the current fair market value of the property less any portion of the value attributable to expenditures of non-CDBG funds for acquisition of or improvements to the property.
Appears in 3 contracts
Samples: Agreement for Development of Affordable Rental Housing, Funding Agreement, Acquisition Agreement
