(A) No more than 10% of the annual revenue to the RLF will be used for administration of the RLF fund. Administrative expenses will be documented via receipts, bills, invoices and the like.
(B) Assistance provided from the RLF will result in at least 51% benefit to low to moderate income persons and these benefits will be documented by utilizing Job Training Partnership Act (JTPA) service providers, Illinois Employment and Training Center of the employees certification forms found in the RLF handbook.
(C) The city agrees to report semi-annually on the status of the RLF to the Department of Commerce and Community Affairs.
(D) Any changes to the recapture strategy will be submitted to the Department of Commerce and Community Affairs approval.
(E) The grantee shall agree to pursue legal remedy to recover delinquent loans. Legal action shall include that authorized by federal and state law, including, but not limited to, efforts to collect and pursue the interests of the RLF through bankruptcy court.
(F) A minimum leverage ratio of $1 non-CDAP funds to $1 CDAP RLF funds must be obtained for each project. RLF funds may not compromise more than 50% of the financing for any project.
(G) The grantee shall assure that environmental reviews will be completed for each project funded, as well as prevailing wages paid if applicable.
(Res. 4309, passed 5-27-03)