Common use of The URD Grant Clause in Contracts

The URD Grant. a. The approximately $9,400,000 remaining of the URD Grant shall be made available to HABC for use by the Regional Administrator, to be used, together with the Xxxxxxxx Vouchers, in accordance with the Revised Revitalization Plan for the Xxxxxxxx Homeownership Demonstration Grant, submitted to HUD in October 2010 and already approved by HUD, for the following purposes: (i) to provide secondary financing for the Hilltop Project; (ii) to provide loans to developers and owners to purchase and rehabilitate approximately 100 scattered site project-based vouchers units in approved census tracts with HAP contract terms of at least fifteen years; (iii) to provide incentives for landlords to enter into HAP contracts with terms of at least fifteen years for existing units; (iv) to provide transportation assistance to participating families; and (v) to make second mortgages available for additional homeownership units to be purchased by current or former public housing residents in approved census tracts pursuant to the procedures set forth in the Xxxxxxxx PCD. All Rental Term sheets submitted to HUD in connection with the Revised Revitalization Plan have already been approved by HUD. To the extent it becomes necessary for HUD to approve additional Rental Term sheets for the scattered site units and/or Hilltop units, HUD will not unreasonably delay or unreasonably withhold such approval.