RES 22-04 - Laserfiche WebLink

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The Grantee will comply with all requirements as further described in Exhibit A attached to this Grant Contract Agreement and incorporated by reference. The Grantee will be in compliance with the Workforce Housing Development Program Guide, as amended (the "Program Guide"), which is incorporated into this Grant Contract Agreement by reference. 2.2 Provisions for Contracts and Sub -grants. (a) Contract Provisions. The Grantee must include in any contract and sub -grant, in addition to provisions that define a sound and complete agreement, such provisions that require contractors and sub - grantees to comply with applicable local, state and federal laws, rules, regulations and ordinances, as well as any applicable MHFA policies. (b) Use of Grant Funds. The Grant Funds (as defined below) awarded under this Grant Contract Agreement may only be used by Grantee or awarded by Grantee to third parties as grant funds or loans in accordance with the terms of the Program Guide. All Grant Funds must be used by an Eligible Project Area for the Qualified Expenditures of a Market Rate Residential Rental Property (as such terms are defined in the Program Guide). If awarded as a loan, any fees or interest charged cannot unduly enrich any parties involved beyond the approximate cost of the administrative costs associated with the Project. 3 Time The Grantee must comply with all the time requirements described in this Grant Contract Agreement and the Program Guide. In the performance of this Grant Contract Agreement, time is of the essence. Project construction must begin within 12 months upon signing this Grant Contract Agreement. Construction completion must occur within 2 years of construction start. 4 Consideration and Payment 4.1 Consideration. MHFA will pay for all services performed by the Grantee under this Grant Contract Agreement as follows: (a) Compensation The Grantee will be paid in accordance to section 4.2 of this Grant Contract Agreement. (b) Total Obligation. The total obligation of MHFA for all compensation and reimbursements to the Grantee under this Grant Contract Agreement will not exceed $[ENTER AWARD AMOUNT] (the "Grant Funds"). 4.2 Payment For all disbursements of Grant Funds, the Grantee be in compliance with the Program Guide and must complete and submit a Workforce Housing Development Program Disbursement Request Form, attached to this Grant Contract Agreement as Exhibit B, to MHFA for review and approval. MHFA will promptly pay the Grantee up to one third of the Grant Funds on or after closing. The Grantee may request an additional one third of the Grant Funds as needed upon providing evidence of a grant or loan agreement relating to the Project with a subgrantee. The remaining one third of the Grant Funds will be withheld for final disbursement and will not be released until construction completion of the Project and upon completion of all reporting and monitoring requirements pursuant to this Grant Contract Agreement. Unexpended Funds The Grantee must promptly return to MHFA any unexpended Grant Funds that: (i) have not been accounted for annually in a financial report to MHFA due at Grant Contract Agreement closeout; or (ii) October 2021 Workforce Housing Development Program Competitive Grant Agreement