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This exhibit is being provided for informational purposes to provide the applicant the <br />ability for internal review prior to receipt of their std. agreement for executionEX H I B IT 2 <br />Applicant Name <br />20-PLHA-XXXX <br />Page 3 of 9 <br />6) The Plan is required to be for a term of five years. Local governments <br />shall obtain approval of the Department for amendments made to the Plan <br />in each succeeding year of the term of the Plan. Reallocations of more <br />than ten percent of funds among Activities require amendment of the Plan, <br />with approval granted by the governing body at a publicly noticed public <br />meeting. <br />7) If funds are used for the acquisition, construction, or rehabilitation of for - <br />sale housing projects or units within for -sale housing projects, the grantee <br />shall record a deed restriction against the property that will ensure <br />compliance with one of the following requirements if the property is no <br />longer the primary residence of the homeowner due to sale, transfer or <br />lease, unless it is in conflict with the requirements of another public <br />funding source or law: <br />a) PLHA loan and any interest thereon shall be repaid to the Local <br />government's PLHA account. The Local government shall reuse the <br />repayments consistent with the Eligible Activities per Section 301 of <br />the Guidelines; or, <br />b) The initial owner and any subsequent owner shall sell the home at <br />an Affordable housing cost to a qualified Lower -Income or <br />Moderate -Income household; or, <br />c) The homeowner and the Local government shall share the equity in <br />the unit pursuant to an equity -sharing agreement. The grantee shall <br />reuse the proceeds of the equity -sharing agreement consistent with <br />the Eligible Activities per Section 301 of the Guidelines. <br />8) If funds are used for the development of an affordable rental housing <br />project, the Local government shall make the PLHA assistance in the form <br />of a loan to the Sponsor of the project. The loan shall be evidenced <br />through a Promissory Note secured by a Deed of Trust. <br />9) A program income reuse plan describing how repaid loans shall be reused <br />for eligible activities specified in Section 301 of the Guidelines. <br />Permanent Local Housing Allocation (PLHA) Program — Grant <br />NOFA Date: 02/26/2020 <br />Approved Date: 10/05/2020 <br />Prep. Date: To be entered when SA is cre2l_14 <br />