Agenda 09-07-1993 - III-I - Laserfiche WebLink

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ADDENDUM TO ADMENDMENT TO FUNDING APPROVAL REPLACEMENT PROJECTS : This Amendment approves the recipient's request to delete Erwin Village as the new construction project activity under FY 1992 funding approval and replaces that $300,000 funding allocation with the following proposed project activities. 1. Acquisition of 2 lots on Creel Street in Chapel Hill, NC to construct single family homes for qualified homebuyers. Total HOME funds - $32,000. 2. Administer an existing Townhome Second Mortgage Program on a countywide basis for 5 qualified buyers of existing townhomes. Total HOME funds - $68,000. 3. Acquire land and construct new single family homes adjacent to the town limits of Hillsborough, NC for first time homebuyers( 20 units). Total HOME funds - $200,000. ADMINISTRATIVE CONDITIONS : This Amendment authorizes the recipient to spend up to the amounts specified in the attached Project Budgets for administrative and service delivery costs necessary for the implementation of its approved HOME projects. In executing this Amendment, the recipient agrees to the following conditions: 1. Project performance goals established in the original application and any subsequent amendments are not being altered by this Amendment except for the above referenced replacement project activities. 2. The recipient will request all administrative and service delivery funds from the North Carolina Housing Finance Agency. No funds drawn directly by the recipient through the C/MI System will be used for administrative or service delivery charges. 3. The recipient will not draw from the C/MI System a total cumulative amount that would cause the sum of administrative funds received from the State and project funds drawn from the C/MI System to exceed the total funding award. The recipient understands that receiving funds in excess of the total funding award will result in a Performance Finding and that any such excess funds must be returned to the State.