O-2002-2599 - Laserfiche WebLink

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EXHIBIT A I. Scope of Services A. Activities 0 Subrecipient will be responsible for administerirZ HOME Program Fiscal Year 2002 Downpa,ment and Closing Cost Assistance Pro_ am in a manner satisfactory to the Grantee and consistent with any standards required as a condition of providing these funds. Subrecipient will provide Down Payment and Closing Cost Assistance to low- income citizens, in accordance with 24 C.F.R. § 52.205(a)(1). Such program will also include the project deliver: costs directly relied to carrying out the project, in accordance with 24 C.F.R. § 92.207(b). These costs will be charged to the program as project costs, in accordance with 24 C.F.R. § 92.206(d)(6). Program Delivery The City of La Porte City), a cooperative ::ity of Harris County, in conjunction with local communis: organizations has decided to increase the number of atiordable housing urts available to low income residents of the City by utilizing � HOME Proam fund_. Subrecipient agrees to assist eligible homebuyers seeking affordable, safe and d::ent housing and morgage financing on the open market. These grant :ands wii: be utilized to assist eleven low-income homebuyers with the purchasing of a sngle-family residential property. The properties will be located within older established neighborhoods, specifically the Northside area within the corporate IL--iits of LaPorte, Texts. Tine City has agreed to provide a total of SS7,500.00 in matching funds to Harris County for deposit into Harris County's HOME Investment Trust Fund. These funds are required to -:feet the 25% match requirement for the project. The project includes ace::isition Of vacant lots for the cc:tstruction of eleven affordable single- fanlily houses and do-•-:npavment and closing cost assistance. Grantee agrees that a vacant lot shall mea i two 25' x 125' lot; under this Agreement. The City has a_: eed to remit these =_nds within 30 days aster Commissioners Court approval of the Single-F=mils ve•:: Construction Agree -gent. T e total amount olf 512.000.00 in matc=ing funds has been committed for ac, uisition of four of :he required number vacant lots under the Single -Family N: A. Constr-ction As::Bement. Under this=.greement, the City agrees to provide S-5.500.00 :n matc=:n_ funds to suppiement Grantee's HOME funds for c , xnpa%Tne-: and ::osing cost assistz.ce. The total amount of direct he:neo-vners::ip assistance provided to each eligible homebuyer under this eement ..ill be a:oroximately Twentv Two Thousand One Hundred Forty FiVe Dollars and 45/1 :�) (S22,145.45) of which $15,281.81 will represerit HOME funds and S6.363.63 s all represent the Citv's matching funds.