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2. The Project must meet all applicable requirements of the HOME Program (24 CFR Part 92);
3. Completion of environmental review required under the National Envir onmental Policy Act and authority to use federal funds by the U.S. Department of Housing and Urban Development (HUD . Note that no activity may occur at the site that would adversely affect or that would otherwise be choice limiting including the acquisitio n, demolition, construction or relocation of building or structure or otherwise making a physical change to the property (including moving dirt) until the authority to use federal funds has been provided;
4. Subsidy layering requirements have been met as defined by HUD;
5. A budget and schedule must be established, and Borrower must certify that construction is ready to begin within 12 months; and
6. Execution of City’s HOME Loan documents.
When all funding sources are secured, City Housing Department staff will work diligently toward obtaining approval and execution of City loans by the City Manager.
If you have any questions, please call or email Emilio Ramirez at (805) 385-8096 or [email protected]. Please acknowledge your consent to the foregoing terms and conditions by signing and returning a copy of this letter.
Sincerely,
Emilio Ramirez
Director, Housing Department
Cabrillo Economic Development Corporation, sole member and m anager of Etting Road LLC, the general partner of the Borrower, Etting Road LP, hereby acknowledges and agrees to all the terms and conditions set forth in this letter.
By: __________________________________
Victoria Brady, Chief Financial Officer
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