2009-111 Housing - Housing for New Hope, Inc. - Consolidated Housing Plan Annual Update/HOME Program Housing

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NOW, THEREFORE, in consideration of the mutual covenants, promises, and representations contained herein, it is agreed between the parties hereto as follows: I. USE OF HOME FUNDS 1. The Provider shall perform the tasks related to its allocation of HOME funds as provided in Exhibit A and within the proposed budget outlined in Exhibit B. Exhibits A and B are hereby made a part of this Agreement and are incorporated by reference, as it now reads or as it may be modified by the parties. 2. The Provider may not request disbursement of funds under this Agreement until the funds are needed for payment of eligible costs. Eligible costs are: payment for rent, security deposits and utility deposits only. The amount of each request must be limited to eligible costs as determined by Orange County staff. II. AMOUNT OF HOME FUNDS/FORM OF SUBSIDY The County shall make available to the Provider up to Fifty thousand Dollars ($50,000) pursuant to this Agreement. Said funds shall be disbursed by the County to the Provider for performance of the services described in Exhibit B. HOME Program subsidy will be provided as a grant to each identified family as a fixed subsidy by payment to a landlord or utility company. III. TIMELINESS The Provider shall complete the Project within twenty-four (24) months from the date of this Agreement. However, in the event of any alterations or additions or of circumstances beyond the control of the Provider, 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. TERM OF THE AGREEMENT This Agreement will remain in effect until all HOME funds are disbursed. V. AFFORDABILITY REQUIREMENTS Provider agrees to provide tenant-based rental assistance to families whose income does not exceed 30% 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.