Eligible Uses. Sponsor shall apply the Program Grant funds to one or more of the following uses. Sponsor’s use of the funds and scope of work (“Scope of Work” or “Work”) are specified at Exhibit E of this Agreement. A. Acquisition or rehabilitation of motels, hotels, or hostels. B. Master leasing of properties. C. Acquisition of other sites and assets, including purchase of apartments or homes, adult residential facilities, residential care facilities for the elderly, manufactured housing, and other buildings with existing residential uses that could be converted to permanent or interim housing. D. Conversion of units from nonresidential to residential in a structure with a certificate of occupancy as a motel, hotel, or hostel. E. The purchase of affordability covenants and restrictions for units. F. Relocation costs for individuals who are being displaced as a result of rehabilitation of existing units. G. Capitalized operating subsidies for units purchased, converted, or altered with funds provided under the Program.
Appears in 2 contracts
Sources: Operations Agreement, Standard Agreement