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0 4 4 MEMORANDUM OF UNDERSTANDING . <br /> RENTAL REHABILITATION PROGRAM <br /> 1986 <br /> BONUS ROUND ADDITIONAL FUNDING <br /> This Memorandum of Understanding (hereinafter referred to as the "Agreement") <br /> is between the Town of Chapel Hill (hereinafter referred to as the "City"), <br /> the Orange County Department of Housing and Community Development (hereinafter <br /> referred to as the "PHA") and the North Carolina Housing Finance Agency <br /> (hereinafter referred to as "NCHFA"). This Agreement sets forth the <br /> obligations of the parties in conducting the Rental Rehabilitation Program <br /> (hereinafter referred to as the "Program") having the primary goals described <br /> in the Notice entitled "Rental Rehabilitation Program; interim rule" published <br /> in Volume 49 No. 78 of the "Federal Register" at pages 16936 - 16957 April 20. <br /> 1984 (hereinafter referred to as the "Notice") . <br /> WHEREAS, the NCHFA is currently administering the Rental Rehabilitation <br /> Program for small cities in North Carolina; and <br /> WHEREAS, the United States Department of Housing and Urban Development (HUD) <br /> on September 25, 1986 submitted to the NCHFA notification of approval of the <br /> Program Description and the award of $714,000 in Rental Rehabilitation Program <br /> grant funds and an accompanying 142 Section 8 Housing Assistance Vouchers; and <br /> WHEREAS, the City submitted an application to the NCHFA requesting <br /> determination of eligibility to participate in the Program; and <br /> WHEREAS, the NCHFA has awarded to the City a Fiscal Year 1986 Rental Rehabili- <br /> tation Program Fund Reservation in the amount of $7,000 and, <br /> WHEREAS, the PHA administers the Section 8 Housing Assistance Payments Program <br /> for the City; and <br /> WHEREAS, the City has the administrative and legal capacity to locally <br /> administer the Program. <br /> NOW, THEREFORE, all parties hereby agree as follows: <br /> 1. Compliance with Federal Register Notice. The parties hereto agree <br /> to carry out the Rental Rehabilitation Program in a manner which <br /> conforms with the provisions of the Notice and all other applicable <br /> Federal and State laws. <br /> 2. Commitment of Public Funds. The City agrees that it will commit <br /> adequate local public funds for the local administration of the <br /> Program. The City represents that it currently has the amount of <br /> local public funds unconditionally available for such commitment. <br /> 3. Performance. The City agrees to carry out its Rental <br /> Rehabilitation Program in accordance with the schedule in its <br /> Program Design as submitted to and approved by the NCHFA. <br />