Item 13 - Affordable Housing Project at 1411 N Broadway

Home Browse Search

EXHIBIT 3 EXHIBIT G ADDITIONAL TERMS AND CONDITIONS FEDERAL HOME INVESTMENT PARTNERSHIP – AMERICAN RESCUE PLAN (HOME-ARP) FUNDS The City has received an allocation of HOME-American Rescue Plan (HOME-ARP) funds from the United States Department of Housing and Urban Development ("HUD") under the Section 3205 of the American Rescue Plan Act of 2021 (P.L. 117-2)) (“ARP) to be implemented through the HOME Investment Partnerships Program (the "HOME Program") (42 U.S.C. §12701, et seq.,). On September 13, 2021, HUD issued Community Planning and Development (CPD) Notice: CPD-21-10 (the “HOME-ARP Notice”) that implements the applicable statutory requirements and regulations for the use of HOME-ARP Funds. Specifically, the HOME-ARP funds must be used in accordance with both the requirements of the HOME-ARP Notice and the HOME Regulations (24 CFR Part 92), as applicable, including but not limited to 24 C.F.R. § 92.504, 92.305, 92.351, and 24 CFR 92.359, or as may be amended from time to time. In addition to the requirements set forth in other provisions of the Agreement, Developer shall comply, and shall cause all Developer personnel and/or subcontractors to comply, with the following regulations and requirements to the extent applicable to the Project.1 1.Use of the HOME-ARP Funds. The Loan shall be used only for eligible costs (see, e.g., the HOME-ARP Notice, and 24 C.F.R. § 92.206, 92.214, 92.300(c), and 92.301), and any development work shall be completed within the times referred to in the Affordable Housing and Loan Agreement between City and Developer. The HOME-ARP Notice waives 24 CFR 92.206 to the extent that it conflicts with the eligible costs for eligible activities identified in the HOME-ARP Notice. In addition, HUD waives 24 CFR 92.206(d)(5) and imposes the requirement outlined in the HOME-ARP Notice. 2.Affordability. At initial lease up, there shall be a total of sixteen (16) units restricted for rental to a HOME-ARP Qualifying Population (“HOME-ARP Units”). The HOME- ARP Units shall meet the qualifying population and affordability requirements as outlined in the HOME-ARP Notice or this Agreement and the Affordability Restrictions on Transfer of Property, whichever is more restrictive. If the HOME-ARP Units do not meet the affordability requirements of the HOME-ARP Requirements for the specified time period, it shall be a breach of the Loan Agreement and Developer shall repay the Loan to City promptly upon demand by City, subject to all applicable notice and cure periods. In such event, Developer shall not be released from the 1 This exhibit is a list and summary of some of the applicable legal requirements and is not a complete list of all Developer requirements. The description set forth next to a statute or regulation is a summary of certain provisions in the statute or regulation and is in no way intended to be a complete description or summary of the statute or regulation. In the event of any conflict between this summary and the requirements imposed by applicable laws, regulations, and requirements, the applicable laws, regulations, and requirements shall apply. WISEPLACE PERMANENT SUPPORTIVE HOUSING EXHIBIT G HOME-ARP FUNDING ADDITIONAL TERMS AND CONDITIONS