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Attachment IV -B <br />KEY ELEMENTS OF A HOME INVESTMENT PARTNERSHIP PROGRAM <br />CONSORTIUM AGREEMENT <br />I. All Participating Jurisdictions must execute the Consortium Agreement. The Staff <br />Working Group (Tara Fikes, Orange County; Tina Vaughn, Judy Russell, and Chris <br />Berndt, Chapel Hill; James Harris, Carrboro; Joff Coe, Hillsborough; Donna Dyer, <br />OCHC) has considered the issues that must be addressed in the agreement and <br />has made some suggestions for discussion. Here are some of the key provisions <br />that must be included in the Agreement. <br />A. Term of the Agreement. <br />1. Term .must be a minimum of that amount of time necessary to carry <br />out all activities that will be funded for three federal fiscal years <br />(approximately five years). <br />2. All members must use their best efforts to continue to keep projects <br />in compliance for the necessary compliance period (up to 20 years). <br />3. Lead Entity must execute a separate agreement with HUD and the <br />State to continue to be responsible for compliance for the full <br />compliance period. <br />B. Designation of _a Lead Entity. <br />1. Consortium members must select one unit of local government to be <br />the Lead Entity. The Lead Entity receives no administrative funds <br />from the HOME Program; however, staff funded with CDBG <br />administrative funds can work on HOME adminstration with no <br />additional compensation from HUD. <br />Based on their previous experience with the State through the Small Cities <br />Community Development Block Grant Program and the existence of an <br />ongoing housing rehabilitation program, the Staff Working Group has <br />proposed that Orange County be designated the Lead Entity, through its <br />Housing and Community Development Department. <br />2. Lead Entity must: <br />a. agree to assume overall responsibility for the HOME program <br />and assure that all activities are carried out in compliance with <br />regulations and establish necessary accounting procedure <br />required by the Act; <br />b. have a demonstrated capacity to administer the program; <br />c. be willing to enter into an agreement with HUD and the State <br />for a period of time longer than the Consortium Agreement; <br />d. obtain a legal opinion that the Consortium Agreement <br />conveys full legal authority for the Lead Entity to act on behalf <br />of the Consortium. <br />