10-28-99 Regular Meeing and Public Hearing

Browse Search

011'1'1f 2017b l (: l95 51244SbUJ2 PAM ORR PAGE 03 and regulations. The money for the project Is not given out in a lump sum, but kept in an account at the HUD office, In order to access these funds, the project must submit what is called a "Draw Request" to the HOME Program. This Draw Request must be signed by the designated signatory (in this case, the Executive Director of Lakeside Center, Inc.), and be accompanied by an Architect's Schedule of Values, certifying that the work being billed for has, in fact, been completed. Periodically, the HOME Program's Regional Coordinator will make a site visit to assure that the work is being completed properly. if there are no problems, the Regional Coordinator signs off on the Draw Request and submits it to the Agency's Acxounting- Department. It is then submitted to HUD for payment. The process takes approximately two weeks. Once the funds are released, they go to the Administrator (Lakeside Center, Inc.) to pay the invoicing parties. Every aspect of the project is closely monitored throughout the construction phase. Once construction is completed, a "Final Draw Request" is submitted and a final monitoring visit is conducted. During this visit, all paperwork is inspected and the structures are examined for compliance. The Regional Coordinator then approves the Final Draw Request and Issues a letter stating that the project has met approval and is considered closed. With the receipt of this letter, the project closes into the Permanent Financing Phase, and the payback of the loan begins. Once the rental project "closes into Permanent", it is required to operate In accordance with the "Land Use Restriction Agreement' for the entire term of the "Affordability Period". This Agreement, often referred to as the LURA, Is developed by the -Agency and delineates what can and cannot be done with the property. Among other things, it specifies the income requirements for the tenants, how much can be charged for rent, and provides for the proper maintenance of the apartments. Compliance with the LURA is monitored by the Texas Department of Housing and Community Affairs Compliance Division through yearly on -site inspections, and quarterly and annual reports. Having met all criteria for funding by the State of Texas and HUD,- the acquisition and rehabilitation of the Flamingo Bay Apartments is being funded entirely with a loan from the Texas Department of