Contract - Habitat for Humanity - Acquisition-Rehab - 1024 De Maude Avenue

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TIMETABLE Costs may be incurred when the agency is notified to proceed by the Department of Community Investment. This activity shall commence on January 1, 2016, and shall continue to and include December 31, 2018. All funds unobligated by 12/31/18 and all funds unspent by 1/31/19 will be subject to reprogramming at the option of the City. PROGRAM BUDGET The total CDBG budget for the Acquisition / Rehabilitation project 116-JC-11 (01)] shall not exceed $106,360.00. It is understood that funds can be moved between eligible activities as costs increase or decrease because of market conditions. However, the developer fee cannot exceed 12.5% of funds expended or a maximum of $11,818.00. Architectural/Engineering $ 2,000.00 Lead -based Paint Evaluation/Reduction $ 8,000.00 Construction $ 84,542.00 Developer Pee (not to exceed) $ 11,818.00 $106,360.00 PROGRAM INCOME At the end of each calendar year, or another annual date agreed upon by the Agency and the City, the Agency shall remit to the City all program income balances associated with this activity. This is understood to include monthly mortgage principal payments as well as lump -sum payouts collected by the Agency, generated through the sale of assisted properties. Remittances to the City shall be accompanied by payment records provided by the mortgage servicer. COST CATEGORIES Generally, costs must be necessary, reasonable and directly related to the grant. In accordance with the statement of purpose and intent, the following eligible cost categories have been established: acquisition of real property, including, but not limited to, appraisals, purchase cost, and closing fees; rehabilitation construction and holding costs associated with the property acquired and rehabbed with CDBG finds. NON -EXPENDABLE PROPERTY Notwithstanding any provision herein to the contrary, no costs may be incurred for non -expendable property (equipment, furniture, fixtures, etc.) without obtaining prior written approval from the Department of Community Investment. PRIOR APPROVAL Prior written approval from the Department of Community Investment will be required in order to expend funds for cost categories, types of activities, or locations not listed above. Prior written approval must also be obtained for any reductions, deletions, or additions to the approved line item budget. FINANCIAL AND ADMINISTRATIVE REPORTS The Agency shall use the Reimbursement and Progress Report supplied by the City for submission of claims and activity status reports to the City. The Progress Report must include summary of activities conducted over the reporting period. The Agency understands that claims for reimbursement of expenses (goldenrod forms) shall be accompanied by proper documentation (check copies, invoices, staff time distributions, etc.) The City reserves the right to refuse any or all claims not properly supported with adequate and proper documentation of claims and activity progress. 14