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HomeMy WebLinkAboutLaney - Walker Augusta Richmond GA DOCUMENT NAME: \o.\'Ielj-lNO- \ '(eY oe\.lO ~ CO'(\D'(O\"\Q(\ DOC~MENTTYPE: ~Y~f1\~ YEAR: 0 \ BOX NUMBER: \ \ FILE NUMBER: \ ~dfSC) NUMBER OF PAGES: ~ ~ .:. /. .; AMENDED AGREEMENT between LANEY-WALKER DEVELOPMENT CORPORATION and AUGUSTA, GEORGIA HOME INVESTMENT PARTNERSHIP PROGRAM PROJECT "Contract" THIS AMENDED AGREEMENT ("Contract"), is made and entered into as of the /~ day of ~0-7\/ , 2001 ("the effective date") by and between the Augusta, Georgia, acting through the ousmg and NeIghborhood Development Department (heremafter referred to as "HND") - wIth pnncIpal offices at One, 10th Street, Suite 430, Augusta, Georgia 30901, as part of the first part, hereinafter called "Grantor", and the Laney-Walker Development Corporation, a Georgia Corporation organized pursuant to the laws of the State of Georgia, hereinafter referred to as "CRDO", as party in the second part. WITNESSEm WHEREAS, Augusta has sought and received designation as a participating jurisdiction (PJ) under the HOME Program established under Title II of the National Affordable Housing Act, and has received an entitlement allocation of HOME funds from the U.S. Department of Housing and Urban Development; and WHEREAS, Augusta must reserve not less than fifteen percent (15%) of its allocated HOME funds for investment in housing to be developed, sponsored or owned by a designated Community Housing Development Corporation (CRDO); and WHEREAS, the Grantor has previously entered into an agreement (dated February 11,2000) with the CHDO, a designated Community Housing Development Corporation, for performance of a HOME Project under aforementioned Federal authority; while at the same time reserving to the Grantor complete authority and responsibility for the approval of such HOME Project its budget and the terms under which it will be performed; WHEREAS, the "CRDO" has requested and Augusta has approved a total of $613,730.00 in additional HOME funds to provide affordable housing and home ownership opportunities for low and moderate income persons through the continued development of the Summerfield East Subdivision Project. These funds are comprised of $417,080.00 in 1998, 1999 and 2000 HOME Funds and $196,650.00 in HOME funds reserved from the Department's 2001 HOME allocations. I I , WHEREAS, the Summerfield East Subdivision Development as previously approved remains an eligibl~ HOME activity according to 24 CFR 92.504@13, and will meet one or more of the national objectives ; and criteria outlined in Title 24 CFR, Part 92 of the Housing and Development Regulations;. I I WHEREAS, with the exception of certain amendment( s) to specific provisions of the agreement as specified herein, all other terms and conditions of the agreement between the Grantor and the "CHDO" dated February 2, 2000, remain unchanged and shall remain in effect. . 02/21/01 NOW, THEREFORE, for and in consideration of the mutual promises and covenants contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows: ARTICLE 1. OBLIGATION OF 2000-2001 HOME FUNDS TO THE CHDO In consideration of the project related tasks to be performed by the CHDO under the terms of this Contract, AUGUSTA, acting through its Housing & Neighborhood Development Department ("HND"), shall allocate 1998, 1999,2000 and 2001 HOME Funds in the total amount of$613,750.00, conditioned upon the CHDO's compliance with all terms and conditions of this amended agreement. CHDO agrees that all expenditures of HOME funds provided by AUGUSTA, pursuant to this amended agreement, shall be made solely in accordance with the amended Project Budget as set forth in Exhibit "A" (attached hereto) and incorporated herein by reference, or any subsequent Budget or project adjustments approved in writing by Augusta. CHDO agrees to execute such other documents as may be deemed necessary by Augusta. ARTICLE 2. SCOPE OF WORK The Laney-Walker Development Corporation (the "CHDO") is currently completing the construction of seven single-family homes as the first phase of the proposed twenty-two (22) home Summerfield East Subdivision. Under this amended agreement, L WDC will construct ten (10) of the remaining 15 houses. To complete the final five (5) homes, L WDC will seek additional HOME funding from HND as well as leverage program income expected to be generated from the sale of the homes in the Subdivision. Under its continuing marketing efforts, prospective low and moderate-income buyers are being pre-qualified for the homes. Sub-recipient shall be paid a total consideration of $613,750.00 for full performance of the services specified under this contract. Of this amount, $50,000.00 is set aside for HOME administration costs related to the project. Any costs above this amount shall be the sole responsibility of the sub-recipient. ARTICLE 3. PROGRAM AMENDMENTS To facilitate the success of the project and insure that the homes to be constructed are affordable to low and moderate-income buyers, the following amendment and program adjustment is made in connection with this amended agreement. In connection with the sale of an individual unit, up to 50 percent (50%) of any down payment assistance required per unit - up to $10,000 - or such other limits as approved by HND or HUD, will be presented in the form of a second or third retiring loan. The retiring period for such down payment assistance will be equal to 1/5 per year for five years. Repayment of the pro rated amounts will be due upon the death, sale, transfer or refinancing within said five (5) year period. 2 " ~ 02/21/01 ~ IN WITNESS WHEREOF, the parties hereto have set their hands and seals as of the date first above written. ~ ATTEST: Corporate Secretary ~.-=-l......... : Rev. Hardy . Bennings Title: Chairman, Board of Directors 3