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3 <br /> E. "Regulations" means 24 CFR Part 92 HOME Investment Partnerships <br /> Program Implementing Regulations as issued by HUD. <br /> F. "Federal HUD Consortium" means a consortium of units of general local <br /> governments bound by the terms of a HOME Investment Partnership Act <br /> Consortium Agreement for the purpose of participating in the Federal <br /> HOME Program and receiving funds as authorized in the Federal <br /> Program Regulations. <br /> G. "Federal Program Requirements" means documents issued by the U.S. <br /> Department of Housing and Urban Development describing the <br /> regulations and requirements of the HOME Program in order for funds to <br /> be awarded to participating jurisdictions as authorized in the Act. <br /> Section II. Purpose <br /> This Agreement is to form a Consortium of units of general local government <br /> within Orange County for designation as a Federal HUD Consortium under the <br /> Act and the Federal Program Requirements of the Act. The said Consortium is <br /> known and hereinafter may be referred to as the Orange County HOME <br /> Consortium (hereinafter"OHC"). <br /> Section III. Agreement. <br /> A. The term of this Agreement begins with the effective date of July 1, 1996. <br /> Subject to the requirements of Paragraph D of this Section, the County <br /> and Towns agree that the terms of this Agreement cover the period <br /> necessary to carry out all activities that will be funded from funds awarded <br /> during three federal fiscal years and that all members of OHC will remain <br /> in OHC for the entire period. The Agreement remains in effect until the <br /> HOME funds from each of the federal fiscal years of the qualification <br /> period are closed out pursuant to 24 CFR 92.507. <br /> B. The OHC Program Council is hereby created and is authorized to provide <br /> policy oversight for planning, operations, and evaluation of OHC and the <br /> HOME Program. The Manager or his/her designee from each <br /> participating unit of local government shall be members. The OHC <br /> Program Council shall prepare a proposed HOME program design each <br /> year and consortium program application to HUD, in compliance with the <br /> Act, the Regulations, and the Federal Program Requirements, including <br /> reallocation of any funds from previous years not expended or any <br /> repayments or other program income consistent with this Section. Each <br /> year's proposed HOME program design and the consortium program <br /> application shall be consistent with the Consolidated Plan. Each year's <br /> program design shall be subject to the approval of each consortium <br /> member's elected board. The proposed HOME program design will <br />