Laserfiche WebLink
<br />Each unit must, at a minimum, meet HUD Section 8 Housing Quality Standards. <br /> <br />ADMINISTRATION <br /> <br />Department will grant Administrator an amount equal to four (4%) percent, or Ten Thousand And <br />No/I00 Dollars ($10,000.00), of the Two Hundred Fifty Thousand And NollOO Dollars <br />($250,000.00) Project Award to cover administrative expenses incurred directly relating to this Contract. <br />Administrative fees shall be funded by the Department to Administrator based on a percentage of <br />completion of the project. Administrator shall be allowed to draw twenty-five percent (25%) of the <br />administrative fees at the initial stage of the project, with the remaining seventy-five percent (75%) <br />funded on a percentage of completion basis. At any given time, the allowable administrative fees would <br />be equal to the initial twenty-five percent (25%) set-up draw, plus the percentage of completion draw. <br /> <br />MATCHlLEVERAGE <br /> <br />Administrator will provide match funds of $5,625.00 for direct cost of homebuyer training. <br />Administrator will provide leveraged funds of $21,250.00 in administration and $8,460,000.00 from <br />participating lenders. <br /> <br />HOMEBUYER TRAINING PROGRAM <br /> <br />Administrator shall use funds other than those provided by this Contract to carry out all activities related <br />to Homebuyer Training. Administrator shall submit, to the Department, Program Policies and <br />Procedures for Departmental approval. The local Homebuyer Training Program may include, but is not <br />limited to, Financial Management, Homebuyer Training, Education, Job Training (Placement), Health <br />Care, and Counseling Services. Administrator shall maintain a file containing all activity relating to <br />efforts made to guide recipients toward home ownership. These records must be made available for <br />inspection at least annually by Department. <br /> <br />]40f20 <br />HOME Colluaa No. 53~5 <br />HomebuycrAssislance <br />