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CHAPTER 3. <br /> <br />LIMITATION OF REHABILITATION LOANS <br /> <br />3.1 Limitation Of Loan Amount <br /> <br />The mount of rehabilitation/replacement loan shall not exceed the actual cost &the repairs and <br />improvements necessary to make the property handicapped accessible and/or conform with local <br />codes. From loan sources the maximum rehabilitation amount is $25,000. Private funds may be <br />used to increase this amount. Loans exceeding this average will be evaluated on a case-by-case <br />basis by the City's Housing Board. No more than $30,000 of ORCA funds may be spent to <br />replace a single unit without approval of the Board. <br /> <br />3.2 Rehabilitation Exceeding Program Limits <br /> <br />For units which cannot be replaced or made accessible and brought to local codes with the <br />expenditure of the maximum grant amount, the following procedure will be followed: <br /> <br />Applicant will be notified in writing of the infeasibility of their application. Appropriate referral <br />for rehabilitation assistance will be given the applicant. <br /> <br />3.3 Contingency Funds <br /> <br />There will be no contingency funds. Aay change in the contract amount, individually and <br />cumulatively, will be approved by the City Inspectors, in writing, and prior to the modification of <br />scope of work. Change Orders over $500 will be approved by ORCA prior to City approval. <br /> <br />3.4 Owner Responsibility <br /> <br />Owner agrees to maintain housing unit to local building codes for the term of the lien. <br />Failure to comply by the owner may be cause for the City to require pro rata amount of the <br />original Forgivable Loan to become due and payable. <br /> <br />Owner agrees to provide Fire and Extended insurance coverage on replacement homes at least for <br />the ORCA lien period of 5 years. <br /> <br /> -7- <br /> <br /> <br />