2009-110 Housing - XDS, Inc. - Rehab Program Agreement

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2. The Owner may not request disbursement of funds under this Agreement until the funds are needed for payment of eligible costs. The amount of each request must be limited to eligible costs as determined by the County's Housing and Community Development Department ("OCHCD"). No funds may be shifted between line-items without the prior approval of the County. The value of rehabilitation work done pursuant to the PROJECT for each RESIDENCE shall be considered as a grant to the OWNER with the following condition: OWNER must maintain said property and its grounds and equipment according to applicable Housing Quality Standards (HQS) and all local and State codes and ordinances and must carry appropriate fire and hazard insurance thereon. The OWNER shall provide and file a certificate of said coverage with the COUNTY, the proceeds of which, in the event said structure shall be destroyed or damaged by fire or other casualty, shall be used for reconstruction of said structure upon the said real estate. II. AMOUNT OF COUNTY FUNDS/FORM OF SUBSIDY The County shall make available to the Owner up to Twenty-seven Thousand Nine Hundred and Forty Dollars ($27,940) pursuant to this Agreement. Said funds shall be disbursed by the County to the Owner for performance of the services as provided in Exhibit B. County funds will be provided as a grant to each subject property. III. TIMELINESS The Owner shall complete the Project within six (6) months from the date of this Agreement. However, in the event of any alterations or additions or of circumstances beyond the control of the Owner, which in the opinion of the Director of the County's Department of Housing and Community Development will require additional time for completion of the Project, then in that case, the time of completion shall be extended by the County Manager in writing for a period of time not to exceed six (6) months. Any further extensions will require the approval of the Orange County Board of County Commissioners. IV. DURATION OF THE AGREEMENT This Agreement will remain in effect for the Period of Affordability established below. V. AFFORDABILITY REQUIREMENTS Owner agrees to lease the Project dwelling units to families whose income does not exceed 50% of the area median income by family size, as determined by the U.S. Department of Housing and Urban Development and as amended from time to time. Monthly rents must not exceed the HOME Program Rents in effect at the time of occupancy. Residential leases will not exceed one year in term.