Agmt 2009 Alameda County (2) - Laserfiche WebLink

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Sixty Five (65%) of the Consortium Funds are allocated for Care Activities pursuant to the NSP2 Grant Application and attached Budget. These funds will be administered by the County across the Consortium, and a rough allocation to be expended in each Member jurisdiction will be calculated by formula, to be reasonably determined and implemented by the Lead Member. The Lead Member will base the Initial Allocation Formula on the current number of foreclosures in the Target Census Tracts, using foreclosure data that is current as of the HUD Award Date. This rough allocation will be used to determine the number of units to be produced in each Member Jurisdiction. It is understood by all Members that the actual number of units produced in each Member Jurisdiction will be based on the opportunities provided by the open market, but that the County will use a best effort to reach these allocation numbers. As soon as practicable after the HUD Award Date, (i) the Lead Member will determine the Initial Allocations for use in each Member Jurisdiction, and (ii) Lead Member will report to each of the Members the reasonable amount expected to be spent in each jurisdiction. Section 2.4 Schedule for Ob1i ag tion of NSP2 Funds. NSP2 Requirements mandate that the Consortium commit Consortium Funds to projects within an established time frame or such funds are subject to recapture by HUD. To satisfy these NSP2 Requirements, one-half of all Consortium Funds must be committed within two years of the HUD Award Date, and all NSP2 funds must be committed within three (3) years of the HUD Award Date. To ensure that the Consortium Funds are not recaptured, the County shall use its best efforts to: (a) Commit fifty percent (50%) of the total Initial Allocation within twenty-one (21) months of the HUD Award Date. (b) Commit seventy-five percent (75%) of its total Initial Allocation within two (2) years of the HUD Award Date. (c) Commit one hundred percent (100%) of its total Initial Allocation within thirty (30) months of the HUD Award Date. (d) In the event the County fails to commit funds as required by this Section 2.4, then the Steering Committee may choose to reallocate the funds to other uses. (For example, if after two years, the County has committed only 55% of the funding for Core Activities, rather than 65%, then 10% of the Funding for that particular category of activity may be reallocated to "Low Income" category and spent as part of a qualified project in one of the Member Jurisdictions.) Section 2.5 Program Income. If any Program Income is generated by the expenditure of Consortium Funds received by the County, (i) the County shall cause such funds to be used for eligible NSP2 Activities, (ii) the County shall keep appropriate records of such Program Income, and (iii) the County shall report such Program Income to the Steering Committee as part Alameda County and City of San Leandro 6