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01/12/2000 17:05 5124.436832 PAM ORR PAGE 02 <br />Flamingo Bay Apartments <br />Texas Department. of Housing and Community Affairs <br />HOME Program Contract # 538611 . <br />(An Explanation of the Funding Process) <br />Each year, the State of Texas receives an allocation from the U.S. <br />Department of Housing and Urban Development to be used for the <br />purpose of providing decent, safe and affordable housing, and to <br />alleviate the problems of excessive rent burdens, homelessness and <br />deteriorating housing stock. The Texas Department of Housing and <br />Community Affairs' HOME Investment Partnerships Program is the <br />agency designated to oversee the distribution of these funds through <br />a highly competitive application process. The funds may be used for <br />several types of projects including Home Ownership Assistance, <br />Tenant -based Rental Assistance, Single-family Housing <br />Rehabilitation, and Multifamily Rental Projects. Any unit of local <br />government, Public Housing Authority, Community Housing <br />Development Organization (CHODO), or other -non-profit or for. -profit <br />organization, not within a participating jurisdiction, is eligible to apply. <br />Once the applications are received by the State, the are then scored. <br />according to the HOME Program's criteria, and ranked in a point <br />system. Those Rental applications meeting the HOME Program's <br />stringent criteria (called "meeting threshold") are then sent to the <br />Agency's Underwriting department to determine their financial <br />soundness. If the project -Is approved.by.Underwriting, It is sent back <br />to HOME, ranked according to merit, and funds are allocated <br />according to availability. <br />Having been deemed worthy of funding, the project then goes <br />through -the process of `Interim Closing.' This is. a legal process <br />conducted by the Texas Department of Housing and Community <br />Afsirs and the Recipient's Title Company whereby Tide is transferred <br />and funds are freed for use. <br />Once a project 'closes into Interim,' the Construction Phase can <br />begin. Throughout this period, the HOME Program monitors the <br />project for compliance with all Federal, State and Local laws, rules, <br />