Form Hud-90028 Housing Development Grant Settlement Agreement
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1
2Housing Development
U.S. Department of Housing
and Urban Development
Grant Settlement Agreement
Office of Housing
Housing Development Grant Program
Federal Housing Commissioner
AUTHORITY: The Department of Housing and Urban Development (HUD) is authorized to collect this information by provisions set forth in Regulation 24
CFR Part 850.79. This section of the Regulation requires, upon construction completion, that the project owners account for funds expended. This informa-
tion is used by HUD to determine that only the amount of funds necessary were awarded to the project and will also permit HUD to determine that the owner’s
minimum equity requirements have been met. The information is considered non-sensitive and no assurance of confidentiality is provided. Furnishing of this
information is mandatory, and failure to provide it may result in your not receiving your benefits.
Public Reporting Burden for this collection is estimated to average .50 hours per response, including the time for reviewing, searching existing data
sources, gathering and maintaining the data needed, and compiling and reviewing the collection of information.
Grantee
Project Name
Project Number
This Agreement, entered into by and between the _________________________________________________________ (hereinaf-
ter referred to as the “Grantee”) and the Department of Housing and Urban Development (hereinafter referred to as “HUD”).
Witnesseth
7. Whereas, the parties hereto desire to enter final financial
settlement of development costs for the Project; in reliance upon
1. Whereas, the expiration date of this Agreement is deter-
mined as __________ years after _____________________-
(1) the Grantee Certification of Readiness to Initiate Project
Settlement (Exhibit 1, dated ________________________ ), (2)
____ , the date on which the Project reached 50 percent occu-
the Grantee’s Determination of Project Costs and Sources of
pancy, and;
Financing as may be amended by HUD (Exhibit 2), (3) the
2. Whereas, the grantee undertook Housing Development
Grantee’s Determination of Equity Investment and Grant Amount
Grant (HDG) Project (hereinafter referred to as the “Project”),
as may be amended by HUD (Exhibit 3), and (4) the Grantee’s
with financial assistance from HUD pursuant to Section 17(d) of
Certification of Settlement Findings (Exhibit 4) as may be
the U.S. Housing Act of 1937, as amended, and;
amended by HUD, dated __________________________ , all of
which are attached hereto and made a part hereof.
3. Whereas, the Grantee and HUD entered into a Grant
Agreement, dated _____________ , (as revised by _____
Now therefore, in consideration of the mutual covenants, prom-
amendment(s)), hereinafter referred to as the Grant Agreement)
ises and representations contained herein, the parties hereto agree
and;
as follows:
4. Whereas, the Grantee entered into legally binding commit-
Section A: For the remainder of the Project Term, the Grantee
ments with the participating parties identified in Section 1.02 of
shall comply with all governing regulations and shall take appro-
the Grant Agreement, and;
priate legal action to enforce the HDG program requirements, as
specified in the Grant Agreement and other legally binding com-
5. Whereas, the authorized development activities which
comprise the Project, have been completed by the Grantee, Owner
mitments approved by HUD, including, but not limited to the
Owner/Grantee Agreement and recorded HDG covenants.
and/or other participating parties, as required by the Grant Agree-
ment, and;
Section B: For the remainder of the Project Term, HUD shall
monitor the Grantee’s performance to assure compliance with this
6. Whereas, the Grant Agreement and other legally binding
Agreement and the Grant Agreement.
commitments, including the Owner/Grantee Agreement and re-
corded HDG Covenants, require the percentage, number and type
Section C: The Grantee agrees to the Total Grant Amount for
of units specified in Section 1.01 of the Grant Agreement be
the Project, including any reduction in the grant amount caused by
maintained, occupied or available for occupancy by lower income
a decrease in cost, as indicated on the Certification of Final Costs
households at HDG rents for the Project Term, and;
and Settlement Requirements attached hereto and made a part
hereof.
form HUD-90028 (8/2001)
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