Common use of Budget and Method of Compensation Clause in Contracts

Budget and Method of Compensation. Subrecipient will submit, at a minimum, quarterly requests for reimbursements of expenditures made on behalf of the Program within the following project budget line items: Project Budget Amount Security Deposit $ 20,000 Utility Deposit $ 20,000 Rental Subsidy $ 410,000 TBRA Case Management $15,000 LBP Visual Inspection $16,000 HQS Inspection $4000 Administration $15,000 Total $ 500,000 Utility deposit assistance is capped at $500 per household and may be used only for utilities permitted under the Section 8 utility allowance. This includes gas, electric, water/sewer, and trash, but does not include telephone or cable television. Security Deposit is a one-time expense per household and is limited to a maximum of two-month’s rent. Rent limit is the Fair Market Rent established by HUD annually, inclusive of utilities. Currently the FMR limits for Pueblo are listed as: Available Bedroom Efficiency One Two Three Four 2020 FMR $ 632 $ 636 $ 838 $ 1140 $ 1,321 The City will monitor the performance of the Subrecipient against the goals and performance standards required herein. Substandard performance as determined by the City will be considered non-compliance with this Agreement. If actions to correct such substandard performance are not taken by the Subrecipient within a reasonable period of time after Subrecipient is notified by the City contract suspension or termination procedures will be initiated. Services shall start on June 15, 2020 and end on June 30, 2022. The term of this agreement and the provisions herein shall be extended to cover any additional time period during which the Subrecipient remains in control of HOME funds and other assets including program income.

Budget and Method of Compensation. Subrecipient will submit, at a minimum, quarterly requests for reimbursements of expenditures made on behalf of the Program within the following project budget line items: Project Budget Amount Security Deposit $ 20,000 Utility Deposit $ 20,000 Rental Subsidy $ 410,000 TBRA Case Management $15,000 LBP Visual Inspection $16,000 HQS Inspection $4000 Administration $15,000 Total $ 500,000 Utility deposit assistance is capped at $500 per household and may be used only for utilities permitted under the Section 8 utility allowance. This includes gas, electric, water/sewer, and trash, but does not include telephone or cable television. Security Deposit is a one-time expense per household and is limited to a maximum of two-month’s rent. Rent limit is the Fair Market Rent established by HUD annually, inclusive of utilities. Currently the FMR limits for Pueblo are listed as: Available Bedroom Efficiency One Two Three Four 2020 FMR ▇▇▇▇ ▇▇▇ $ 632 $ 636 $ 838 $ 1140 $ 1,321 The City will monitor the performance of the Subrecipient against the goals and performance standards required herein. Substandard performance as determined by the City will be considered non-compliance with this Agreement. If actions to correct such substandard performance are not taken by the Subrecipient within a reasonable period of time after Subrecipient is notified by the City contract suspension or termination procedures will be initiated. Services shall start on June 15, 2020 and end on June 30, 2022. The term of this agreement and the provisions herein shall be extended to cover any additional time period during which the Subrecipient remains in control of HOME funds and other assets including program income.