Common Contracts
1 similar Home Investment Partnership Agreement contracts
Department of Community Development Subject: HOME Investment Partnership Agreement andHome Investment Partnership Agreement • June 24th, 2011
On May 4, 2009 City Council approved the FY 2009-2010 Annual Action Plan for the use of CDBG, HOME and ESG Funds. The FY 2009-2010 Annual Action Plan included a grant of HOME funds in the amount of $185,000.00 to Builders of Hope, Inc., (BOH) for the acquisition and rehabilitation of ten single family properties on Rock Street in Southwest Central Durham. In addition, BOH was awarded HOME funds in the amount of $57,146.00 for the acquisition of two vacant deteriorated houses on Rosedale Avenue. Due to the severely deteriorated condition of these properties discovered during the rehabilitation process, it is now apparent that the cost of renovating will exceed the previously estimated budget and BOH now faces a shortfall of approximately $180,000.00. For example, two houses had to be demolished, due to extensive termite damage and wood rot that could not be identified prior to acquisition. In another instance, the deterioration was so extensive that only a partial foundation and framing
