Contract - Near Northwest Neighborhood Inc - Single Family Home New Construction Activity

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It is important that sub -recipients submit claims for reimbursement regularly; preferably on a monthly basis, but no less than quarterly. The City will make payment to the subrecipient as soon as practicable, but not more than thirty (30) days after an invoice is received, assuming all supporting documentation is attached and correct. CAI L_ T 5�1) I.1E In certain circumstances, sub -recipients or developers may be provided with advance payments for expenses incurred but not yet paid. In such instances, the subrecipient or developer must provide acceptable documentation (as previously noted) to DCI staff that proves payment was made to the vendor no more than three (3) days after receipt of CDBG funds from the City. Any arrangement to receive advance payments must be agreed upon between the City and the subrecipient or developer prior to submission of a claim to request funds. PROGRAM INCOME The Near Northwest Neighborhood, Inc. will repay any construction loan(s) secured for the completion of the project with income received from the sale of the property. The balance of the sale proceeds, after repayment of said loan(s), must be returned to the City of South Bend, or its successor or designee, for deposit in the Community Development Block Grant account. It is understood that the City of South Bend's net investment may not exceed 60% of the total project cost (which includes developer fee). If there are remaining sale proceeds after loan payback and remittance of what is owed to the City, the Near Northwest Neighborhood, Inc. will be allowed to keep those funds to use in future affordable housing projects. 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 submit the Reimbursement and Progress Report supplied by the City upon each request for withdrawal of funds (claim). 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. Appendix I - Scope of Services Page 3