HomeMy WebLinkAbout502516 LOVELAND HOUSING DEVELOPMENT CORPORATION - CONTRACT - AGREEMENT MISC - LOVELAND HOUSING DEVELOPMENT CORPORATIONRECIPIENT CONTRACT FOR CITY OF FORT COLLINS
AFFORDABLE HOUSING FUND MONIES
THIS RECIPIENT CONTRACT ("Contract") is entered into this r I day oM fFebsomy,
2015 by and between THE CITY OF FORT COLLINS, COLORADO, a municipal corporation
(hereinafter referred to as "the City") and LOVELAND HOUSING AND DEVELOPMENT
CORPORATION (dba Larimer Home Improvement Program [LHIP]), a Colorado non-profit
corporation, (hereinafter referred to as "the Recipient"), and shall be effective on the date last signed
below.
WITNESSETH:
WHEREAS, the Recipient is a private, non-profit corporation, regulated by Section
501(c)(3) of the Internal Revenue Code; and
WHEREAS, the City desires to provide Recipient with Affordable Housing Funds to
rehabilitate properties that will serve very low income families of Fort Collins, and believes that
funding the Recipient will further this objective; and
WHEREAS, providing housing for very low income families through the efforts of the
Recipient furthers the City's overall housing program goals; and
WHEREAS, the parties hereto desire to set forth their respective commitments and
understandings in achieving the above -stated objective.
NOW, THEREFORE, in consideration of the mutual promises of the parties and other good
and valuable consideration, it is agreed as follows:
1. WORK TO BE PERFORMED BY RECIPIENT.
The Recipient agrees to use the funds provided under this Contract to make grants to assist
approximately thirty (34) Fort Collins families with emergency home repairs, and for the program
delivery costs associated with administering this emergency loan program and a rehabilitation loan
program serving low-income home -owners in Fort Collins (the "Project"). The properties served
with these funds must be located within the City Limits of Fort Collins and are referred to hereafter
as the "Properties". The Properties must be occupied by households earning at or below 801/6 of Fort
Collins Area Median Income (AMI). In consideration of the performance of said rehabilitation and
repair work by sub -recipients of the Recipient (the "Sub -recipients"), the City will provide affordable
housing funding in the amount established in Paragraph 2 hereof.
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A contract budget for Recipient's proposed Project is attached as Exhibit A and incorporated
herein by this reference. The City and the Recipient may revise the budget from time to time in
accordance with existing City policies, by amendment of this Contract.
All components of the Project, when completed, shall comply with the Department of
Housing and Urban Development Section 8 Housing Quality Standards for Existing Housing as
provided in 24 C.F.R. 882.109 as well as all applicable local and state building codes and
regulations.
2. PAYMENT.
In consideration of the work to be performed by the Recipient, the City agrees to provide to
the Recipient the sum of Eighty -Five Thousand Dollars ($85,000) as a grant for the Project.
If the Recipient is not in default hereunder, the City will pay the Recipient upon presentation
of invoices, which Recipient certified are true and correct copies of payments due on behalf of the
Recipient, for an activity covered by this Contract and made in accordance and compliance with its
terms. In no event shall the Citys obligation to make payment to the Recipient hereunder exceed
Eighty -Five Thousand Dollars ($85,000). Payments may be made once a month in cases covering
reimbursement for operation costs, otherwise upon presentation of vouchers accompanied by
invoices or receipts showing date paid. Payment may be suspended by the City in the event of a
default by Recipient.
The City will pay to the Recipient funds available under this Contract based upon information
submitted by the Recipient and consistent with any approved budget and City policy concerning
payments. With the exception of certain advances, payments will be made for eligible expenses
actually incurred by the Recipient, and not to exceed actual cash requirements. Payments will be
adjusted by the City in accordance with advance fund and program income balances available in
Recipient accounts. In addition, the City reserves the right to liquidate funds available under this
Contract for costs incurred by the City on behalf of the Recipient.
The City's obligation to provide funding under this Contract shall terminate as described in
paragraph four (4) and shall be contingent upon full compliance by the Recipient with all terms and
conditions as set forth herein.
3. AFFORDABILITY.
Sub -recipients must be households earning at or below 80% of Fort Collins Area Median
Income. The Recipient shall qualify the households applying for rehabilitation loans using Section 8
guidelines and counsel them on the responsibility of maintaining their properties upon receiving
assistance, during the term of this Contract.
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