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<br /> Annual Action Plan <br />2024 <br />63 <br />OMB Control No: 2506-0117 (exp. 09/30/2021) <br />closing costs. <br />In the event of a mortgage default, a provision in the written agreement and long-term affordability <br />covenant stipulates that the City has the right of first refusal before foreclosure and may use <br />additional HOME funds or other resources to acquire the housing in order to preserve the housing’s <br />affordability. <br />Recaptured funds may be used for any HOME eligible activity. These recaptured funds are identified <br />in the City’s accounting system by a unique recaptured revenue object number. Any recaptured <br />funds will be used by the City before any additional HOME funds. <br /> <br />3. A description of the guidelines for resale or recapture that ensures the affordability of units acquired <br />with HOME funds? See 24 CFR 92.254(a)(4) are as follows: <br />See above. <br /> <br />4. Plans for using HOME funds to refinance existing debt secured by multifamily housing that is <br />rehabilitated with HOME funds along with a description of the refinancing guidelines required that <br />will be used under 24 CFR 92.206(b), are as follows: <br />N/A – the City will not be using HOME funds for this activity. If the City elects to refinance existing <br />debt, it will provide its policies and procedures as part of an amendment to its Action Plan. <br /> <br />5. If applicable to a planned HOME TBRA activity, a description of the preference for persons with <br />special needs or disabilities. (See 24 CFR 92.209(c)(2)(i) and CFR 91.220(l)(2)(vii)). <br /> <br /> <br />6. If applicable to a planned HOME TBRA activity, a description of how the preference for a specific <br />category of individuals with disabilities (e.g. persons with HIV/AIDS or chronic mental illness) will <br />narrow the gap in benefits and the preference is needed to narrow the gap in benefits and services <br />received by such persons. (See 24 CFR 92.209(c)(2)(ii) and 91.220(l)(2)(vii)). <br /> <br /> <br />7. If applicable, a description of any preference or limitation for rental housing projects. (See 24 CFR <br />92.253(d)(3) and CFR 91.220(l)(2)(vii)). Note: Preferences cannot be administered in a manner that <br />limits the opportunities of persons on any basis prohibited by the laws listed under 24 CFR 5.105(a). <br /> <br /> <br />EXHIBIT 1