2018-496-E Housing - Casa rental rehabilitation

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DocuSign Envelope ID: 65EC9D62 -7FB9- 4747- A005- FC28FEF750E3 conditioned on Orange County's determination to proceed with, modify, or cancel the project based on the results of a subsequent environmental review. 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 CASA shall perform the projects or tasks related to its allocation of HOME CHDO funds as provided in Exhibit B, Scope of Services, and within the proposed budget outlined in Exhibit C. All Exhibits are attached hereto and hereby made a part of this Agreement and are incorporated herein by reference, as it now reads or as may be modified by the parties. CASA shall not request disbursement of funds under this Agreement until the funds are needed for payment of eligible costs. The amount of each request must be limited to the amount needed for payment of eligible costs as determined by Orange County staff. IL AMOUNT OF HOME FUNDS /FORM OF SUBSIDY The County shall make available to CASA up to Forty -Six Thousand Five Hundred and Twenty -Nine Dollars and Forty Cents ($46,529.40) pursuant to this Agreement. Said funds shall be disbursed by the County to CASA for performance of the services described in Exhibit B. The HOME Program funds will be provided as a grant to each subject property as a fixed subsidy. III. TIMELINESS. CASA must complete The Project within twelve (12) months from the date of this Agreement. However, in the event of any alterations or additions or of circumstances beyond the control of CASA, which in the opinion of the Director of the 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. Notwithstanding the foregoing, the Project must begin within twelve (12) months of the date of this Agreement. IV. DURATION OF THE AGREEMENT. This Agreement will remain in effect for the Period of Affordability established below. V. AFFORDABILITY REQUIREMENTS. CASA agrees to lease the Properties located at Club Nova Apartment to disabled persons whose income does not exceed 60% of the HUD area median income by family size, and agrees to lease the Properties located at Johnson Street Apartments to households whose income does not exceed 50% of the HUD area median income by family size, as amended from time to time. Monthly rents must not exceed the HOME Program Rents in effect at the time of occupancy. Residential leases shall not exceed one year in term.