The URD Grant Clause Samples

The URD Grant a. The approximately $9,400,000 remaining of the URD Grant shall be made available to HABC for use by the Regional Administrator, to be used, together with the ▇▇▇▇▇▇▇▇ Vouchers, in accordance with the Revised Revitalization Plan for the ▇▇▇▇▇▇▇▇ Homeownership Demonstration Grant, submitted to HUD in October 2010 and already approved by HUD, for the following purposes: (i) to provide secondary financing for the Hilltop Project; (ii) to provide loans to developers and owners to purchase and rehabilitate approximately 100 scattered site project-based vouchers units in approved census tracts with HAP contract terms of at least fifteen years; (iii) to provide incentives for landlords to enter into HAP contracts with terms of at least fifteen years for existing units; (iv) to provide transportation assistance to participating families; and (v) to make second mortgages available for additional homeownership units to be purchased by current or former public housing residents in approved census tracts pursuant to the procedures set forth in the ▇▇▇▇▇▇▇▇ PCD. All Rental Term sheets submitted to HUD in connection with the Revised Revitalization Plan have already been approved by HUD. To the extent it becomes necessary for HUD to approve additional Rental Term sheets for the scattered site units and/or Hilltop units, HUD will not unreasonably delay or unreasonably withhold such approval. b. Upon receipt of funds from HUD pursuant to Section IV.L.1.a, above, HABC shall transfer 100% of those funds to the Regional Administrator, as well as $350,000 of the approximately $800,000 in funds previously drawn from the URD Grant by HABC for eligible administrative costs. HABC will not deduct or make any further claim to the URD Grant funds, for administrative or any other purposes, beyond the funds that have been disbursed as of the Execution Date. c. All program income from the URD Grant, including funds that are loaned to developers of project-based ▇▇▇▇▇▇▇▇ Voucher units and/or purchasers of ▇▇▇▇▇▇▇▇ PCD Homeownership Units and subsequently repaid pursuant to the terms of the loan agreement, shall be transferred to the Regional Administrator for eligible program costs to develop the project-based ▇▇▇▇▇▇▇▇ Voucher units required by Section IV.B.1 of this Agreement, or for other affordable-housing uses consistent with this Agreement. d. The Local Parties shall cooperate with the efforts of the Regional Administrator and its contractor(s) to complete the project-based ▇▇▇▇▇▇▇...
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