Laserfiche WebLink
Exhibit D NSP Program Agreement <br /> ARTICLE 2. <br /> ALLOCATION AND EXPENDITURE OF FUNDS <br /> Section 2.1 Use of NSP2 Funds. <br /> The County is authorized to use Consortium Funds solely for the purpose of <br /> carrying out the NSP2 Activities in a timely manner and in compliance with the NSP2 <br /> Requirements. The County may use Consortium Funds solely for the benefit of Low <br /> Moderate and Middle- Income Households. <br /> Section 2.2 Adjustment to NSP2 Budget <br /> The Consortium Budget allocates Consortium Funds based on the amount of <br /> Consortium Funds being $11 million. If the amount of Consortium Funds is less than <br /> $11 Million, the amounts shown for each NSP2 Activity in the NSP2 Budget will be <br /> reduced proportionately. <br /> Section 2.3 Allocation of NSP2 Funds. <br /> (a) Low Income Households. In accordance with NSP2 <br /> Requirements, at least twenty -five percent (25 of the Consortium Funds will be used <br /> for the benefit of Low- Income Households. The County shall expend at least twenty -five <br /> percent (25 of the Consortium Funds to NSP2 Activities that benefit Low Income <br /> Households on Steering Committee approved projects. The County may satisfy this <br /> obligation in whole or in part by contributing a portion of these allocated funds to NSP2 <br /> Activities that (i) are carried out by another Member or Members on projects approved by <br /> the Steering Committee, and (ii) benefit Low- Income Households within the jurisdiction <br /> of such other Member or Members. These funds may be contracted for by the County <br /> directly with a Housing Developer, or if the County is not funding the approved project <br /> directly, the County may transfer an allocation of Consortium Funds to the Member for <br /> the Member to administer directly to the selected affordable housing project. <br /> (b) Funds for Administrative Costs <br /> Ten percent (10 of the Consortium Funds are allocated to the Lead Member for <br /> administrative costs incurred as Lead Member for costs associated with both grant <br /> administration and project administration. If Consortium Funds under item (a) above are <br /> contractually transferred to a Member, funds for administrative costs equal to 10% of the <br /> project amount, will also be allocated to that member and transferred under the same <br /> contract. <br /> (c) Initial Allocation for Core Activities. <br /> Alameda County and City of Pleasanton <br />