www.hudclips.orgAMEND#6 -- Standard ACC Amendment - Mixed Finance ACC Amendment 11/25/96 MIXED-FINANCE AMENDMENT TO CONSOLIDATED ANNUAL CONTRIBUTIONS CONTRACT Section 1. This Mixed-Finance ACC Amendment covers the project identified below (herein referred to as "the Project" or "the Mixed-Finance Project"): (A) Development Grant Project Number: ; or (B) Modernization Grant Project Number (for modernization funds approved for use for development purposes, hereafter referred to as "public housing development funds"): ; or (C) HOPE VI Grant Agreement No. . Section 2. This Mixed-Finance ACC Amendment is an amendment to Consolidated Annual Contributions Contract (ACC) Number: , dated . Section 3. The ACC is amended to provide grant assistance for the Project identified in Section 1 and/or to add the public housing units to the ACC. This Mixed-Finance Amendment is part of the ACC and incorporates Exhibits A-G, which are attached hereto. Section 4. The following provisions are applicable to the Project: (A) Date of Project grant reservation: . (B) Number of public housing units to be developed: . (C) Housing Type: . (D)(1) For Projects to be developed using development grant funds, or modernization funds approved for conversion to development purposes, the Maximum Total Development Cost (Development Grant Authority) of the Project is: . (2) For Projects to be developed using HOPE VI grant funds, the approved Total Development Cost of the Project is: . (E) The public housing units will be (check one): [designated units ]; [undesignated units ] in the mixed-finance development. (F) The public housing units are (check one): [eligible ]; ] [ineligible ] to receive operating subsidy under section 9 of the United States Housing Act of 1937 ("the Act"). If some or all of the units are eligible to receive operating assistance, specify the number of eligible units (including the number of bedrooms per unit) that will be eligible to receive such assistance: (G) The public housing units shall be ineligible to receive modernization assistance unless the housing authority executes a project-specific ACC modernization amendment in connection with the units. (H) The definitions set forth in 24 CFR part 941, subpart F, are applicable to this Mixed-Finance ACC Amendment. Section 5 - HA certifications and assurances. (A) By executing this Mixed-Finance ACC Amendment, the public housing agency (the "HA") certifies to HUD that: (1) it has the legal authority under State, local, or tribal (if applicable) law to develop public housing units through the establishment or selection of an owner entity, and to enter into all agreements and provide all assurances required under 24 CFR part 941, the HUD-approved proposal, and this Mixed- Finance ACC Amendment. The HA also warrants that it has the legal authority under State, local, and tribal (if applicable) law to enter into any proposed partnership and to fulfill its obligations as a partner thereunder, and that it has obtained all necessary approvals for this purpose; (2)(i) it will ensure that the Project is developed in accordance with the mixed-finance proposal submitted by the HA and approved by HUD, this Mixed-Finance ACC Amendment (including all exhibits), the ACC (except that any requirement set forth in the ACC is superseded by a modified requirement set forth in this Mixed-Finance ACC Amendment), and all statutes, executive orders and regulations applicable to the development of mixed-finance public housing units, as such requirements now exist or as they may be enacted, promulgated, or amended from time to time. (ii) If the public housing units are to be developed using HOPE VI funds, the HA agrees that, in addition to the requirements set forth in subparagraph (i), it also will comply with any applicable requirements set forth in the HOPE VI grant agreement, the approved Revitalization Plan, and any statutes, executive orders and regulations applicable to the HOPE VI program, as such requirements now exist or as they may be enacted, promulgated, or amended from time to time. (3) it will ensure that the requirements for admission to, continued occupancy of, management, and modernization of the public housing units are in accordance with all requirements applicable to public housing, as set forth in the ACC (except that any requirement set forth in the ACC shall be superseded by a modified requirement set forth in this Mixed-Finance ACC Amendment), and all statutes, executive orders and regulations applicable to public housing, as such requirements now exist or as they may be enacted, promulgated, or amended from time to time. (4) there is no action, proceeding, or investigation now pending, nor any basis therefor, known or believed to exist by the HA, which: (i) questions the validity of this Mixed-Finance ACC Amendment, or any action taken, or to be taken, under it, or; (ii) is likely to result in any materially adverse change in the authorities, properties, liabilities, or condition (financial or otherwise) of the HA or the proposal, or of any participating party, that would materially or substantially impair the HA's or such participating party's ability to perform any of the obligations imposed upon it under the proposal and this Mixed- Finance ACC Amendment; (5) it has obtained all Federal, State, and local government approvals and reviews required by law, or reasonably required by HUD, to be obtained by the HA to develop and implement the proposal, and all participating parties have obtained all such approvals and reviews required to be obtained by the participating parties to develop and implement the proposal. (6) it will immediately notify HUD of any material change in any representations, statements, certifications or other matters contained in the HA's proposal, this Mixed-Finance ACC Amendment, and/or the HOPE VI Revitalization Plan (if applicable). (7) it will use its best efforts to assure the performance of all HA, owner entity, and participating party(ies) obligations under this Mixed-Finance ACC Amendment in accordance with the timeframes established in the development schedule attached hereto as Exhibit D. (8)(i) The HA hereby acknowledges that HUD has approved its mixed-finance proposal in reliance upon the HA's representations that the HA, the partner(s), the owner entity(ies), and other participating parties will: (a) carry out the activities ascribed to them in accordance with the proposal and approved implementing documents (as summarized in Exhibit B hereto); (b) complete those activities in accordance with the schedule set forth in Exhibit D, including the development of a certain number of public housing units (including the specified number of bedrooms per unit); (c) have (or will have when necessary to implement their activities in accordance with the proposal), the financial capacity to assure carrying out the activities to their completion; (d) invest or cause to be invested in the activities described in the proposal a specific amount of funds in addition to the public housing development funds (or the HOPE VI funds, if applicable), in accordance with Exhibit F. HUD has also relied upon the HA's, the owner entity's, and the partner's representations that they and other participating parties, prior to the use of the public housing development funds (or HOPE VI funds, if applicable) for the proposal, will enter into legally binding agreements, as approved by HUD, evidencing the commitments of all parties necessary for completion of the proposal, in compliance with the requirements of this Mixed- Finance ACC Amendment; and (ii) the representations, statements, certifications and other matters contained in the proposal were, to the best of the HA's information and belief, true and complete in all material respects as of the dates of submission of the proposal to HUD (including the dates of any separate submissions for a specific phase), and upon the execution of this Mixed-Finance ACC Amendment and will continue to be true and complete in all material respects as of the date of any amendment to this Mixed- Finance ACC Amendment, except as modified by such amendment (and any corollary modification to the proposal that the HA deems necessary); (9) this Mixed-Finance ACC Amendment has been executed and delivered by the HA in such a manner and form as to comply with all applicable laws so as to make this Mixed-Finance ACC Amendment the valid and legally binding act and agreement of the HA; and (10) it will use, or ensure the use of, program income during the grant period, in accordance with 24 CFR § 85.25, only for eligible program costs or other low-income housing purposes. The PHA agrees that after the end of the award period, any gross income received by the PHA or a subgrantee that was directly generated by a grant-supported activity (or earned only as the result of funding providing under Section 3 of this Mixed-Finance ACC Amendment), including, without limitation, principal and interest on loans made with grant funds, will be utilized solely for eligible program costs or other low-income housing purposes. This covenant will survive any termination of the grant and, at HUD's direction, may be incorporated into any documentation related to the closeout of the grant. (B) The PHA warrants that it will include, or cause to be included: (1) in all its agreements or contracts with the partner, the owner entity, and/or other participating parties receiving public housing development funds an acknowledgement that a transfer of public housing development funds by the PHA to the partner, the owner entity, or other participating party will not be (and shall not be deemed to be) an assignment of public housing development funds, and the partner, owner entity, or other participating party will not succeed to any rights or benefits of the PHA under the ACC or this amendment, or attain any privileges, authorities, interests, or rights in or under the ACC or this amendment. (2) in all its agreements or contracts with the partner, the owner entity, or other participating parties, and in all contracts with any party involving the use of public housing development funds, a provision that nothing contained in the ACC or this amendment, nor in any agreement or contract between the parties, nor any act of HUD, the PHA, or any of the parties, will be deemed or construed to create any relationship of third-party beneficiary, principal and agent, limited or general partnership, joint venture, or any association or relationship involving HUD. Section 6 - Evidentiary Materials. (A) Content. The HA shall submit to HUD for review and approval the evidentiaries specified in Exhibit E to this Mixed-Finance ACC Amendment. Such evidentiaries must be submitted in the form of legally binding and enforceable commitments of the parties to the proposal to undertake and complete specified activities connected with the proposal, as set forth below: (1) Evidence of Contracts Evidence of contractual commitments submitted to HUD must include all documents evidencing the contractual commitments, with an opinion of counsel attached (see paragraph (B)(2) of this section regarding the proper form for opinions of counsel). (2) Evidence of Loans, Closings, Bond Sales. (i) Evidence of a loan must be submitted in the form of copies of fully executed notes, deeds, bonds, indentures, loan agreements, and other documents, which must contain sufficient evidence (satisfactory to HUD) to enable HUD to determine: that the loan has been closed and the funds are irrevocably committed and immediately available to the borrower; the principal amount of the loan; its purposes (interim or permanent); and the authorized use of loan funds; the identity of the security for the loan; the term of the loan; the interest rate (and/or any other form of participation) under the loan; the repayment provisions; the default provisions; the identity of all parties to the loan; with an opinion of the owner entity's (and/or any other borrower's) counsel addressed to HUD in accordance with the requirements of paragraph (B)(2) of this section. (ii) If bonds or limited partnership interests are sold to finance the proposal, the evidence must include a copy of the offering statement or syndication prospectus for the sale of the bonds or limited partnership interests and a statement from the trustee or depository of the proceeds certifying that the bonds or limited partnership interests have been sold and the amount of the proceeds that are available immediately for the implementation of the proposal, and must have an opinion of the owner entity's (and/or any other borrower's) counsel addressed to HUD in accordance with paragraph (B)(2) of this section. In the event that any portion of the proceeds of the sale of the bonds or limited partnership interests are to be made available over an extended period, or for any other reason are not immediately available in accordance with the proposal, evidence of "bridge financing" loan(s) in such amount (secured by pledges from the limited partners or in another manner which does not encumber the Project), or other evidence satisfactory to HUD, must be submitted as part of the evidentiary materials, in accordance with paragraph (1) of this section. Notwithstanding the foregoing, the requirement for bridge loan financing will be waived to the extent that such proceeds are necessary only to cover the payment of developer fees (provided that the receipt of such proceeds are timed to coincide with deferred payments to the developer for its fees). (3) Evidence of Other Financing and Funding Sources (including other Federal, State and Local Commitments). (i) Whenever evidence is required in the form of a statement and opinion of counsel (or other party designated by HUD) that a participating party has irrevocably committed a specific amount of finances to carry out the commitment of that participating party under the proposal, such evidence must be in the form of an opinion of counsel or such other party designated by HUD, made in accordance with paragraph (B)(2) of this section. (ii) The opinion of counsel (or other party designated by HUD) must certify that: such party has examined the availability of the participating party's financing, or other funding source; state the amount and the source of such financing or other funding committed by the participating party to the proposal; and state that such financing or other funding has been irrevocably committed by the participating party for use in the proposal and such commitment is in the amount required under the terms of the proposal. (4) Evidence of Title. Evidence of fee simple or leasehold title to real property must be in the form of an original ALTA (or other form acceptable to HUD) policy of owner's or mortgagee's title insurance, which must identify the real property and the ownership interests of the HA, owner entity, and other participating parties (as appropriate) as the owners or lessees of record of such property. The title policy must also reflect that any instruments securing any private or public financing, including any loan of public housing development funds (or HOPE VI funds, if applicable) have been recorded against the title, and that deed restrictions or covenants running with the land relating to the restrictions and requirements applicable to public housing units under this Mixed- Finance ACC Amendment have been recorded in full to assure that the restrictions and requirements will remain in effect for the period required by law and under this Mixed-Finance ACC Amendment and will survive all other interests. (B) Form of evidentiaries. (1) Submissions. All documentary evidence submitted to HUD must be in the form of either duplicate original(s) of the fully executed document(s), or photographic copies of the fully executed original of the document(s), unless otherwise specified, with a certification attached that the document is a true and complete copy of the original. (2) Opinions of counsel. (i) Counsel must opine to the following for each document submitted as evidentiary material under Exhibit E to this Mixed- Finance ACC Amendment: (a) An examination of the authority of all parties to the documents and all persons executing the documents on behalf of the parties has been made and that the parties and said persons were authorized to enter into and execute the documents; and (b) Each document constitutes a valid and legally enforceable agreement or contract under the laws of the HA's State and the commitments and/or agreements evidenced thereby can be carried out in accordance with their terms under State and local law, and conform to the provisions of the proposal approved by HUD and the requirements of this Mixed-Finance ACC Amendment, and that there is nothing in such document that conflicts with, or is inconsistent with, the requirements of this Mixed-Finance ACC Amendment. (ii) each opinion of counsel must be in writing and include the separate opinions of the HA's counsel and the owner entity's counsel, unless otherwise specified. (iii) counsel may rely upon the certification of other persons, or the written statements or opinions of other counsel, provided that a copy of each such certification, statement, or opinion must be attached to the opinion of that counsel. (iv) If counsel predicates an opinion upon "information and belief," then in all such cases the counsel's opinion must contain, or have attached thereto, a statement or description of all of the information upon which the belief of counsel is predicated. (C) Amendment of approved evidentiaries. After HUD has approved an evidentiary submitted in accordance with this Mixed Finance ACC Amendment, the evidentiary may not be amended in any material respect without the prior written approval of HUD. (D) Implementation in phases. If Exhibit D contemplates implementation of the proposal in phases, all of the evidentiary material for each phase must be delivered to HUD, in accordance with the provisions of this Mixed-Finance ACC Amendment, no later than the date specified in Exhibit D. Section 7 - Draw down of Funds. (A) The HA shall ensure that grant funds are expended only in accordance with the requirements set forth in this Mixed- Finance ACC Amendment and the approved budget set forth in Exhibit F to this Mixed-Finance ACC Amendment. (B) In the event that funds in addition to those set forth in the budget(s) at Exhibit F are received from any source in connection with the Project, such excess funds may only be used, as approved by HUD in writing, for: (1) cost overruns; (2) additional betterments; or (3) other purposes for the benefit of the residents and/or the development. (C) Notwithstanding any contrary requirement set forth in 24 CFR §85.21, the HA shall request all draw downs of grant funds under the Line of Credit Control System - Voice Response System (LOCCS-VRS), unless and until another payment system is designated by HUD. The HA shall comply with all rules, guidelines and notices established for the public housing development program under the LOCCS-VRS system, or any substitute system, in connection with the draw down of public housing development funds (or HOPE VI funds, if applicable). If HUD designates an alternative payment system, it shall be based on 24 CFR §85.21(g). (D) HUD may withhold payments under this Mixed-Finance ACC Amendment in accordance with 24 CFR §85.21(g). (E) After HUD provides the HA with written notification that the evidentiaries have been reviewed and approved, the HA may request a draw down of grant funds pursuant to the approved budget in Exhibit F. (F) The HA may utilize grant funds, in accordance with the budget under Exhibit F, for publication costs of reports or other media relating to Project accomplishments or results, which are allowable costs pursuant to OMB Circular A-87, Schedule B, paragraph 23). (G) No grant funds may be drawn down under this Mixed- Finance ACC Amendment during any period in which the HA has failed to file with HUD any overdue financial report(s). Section 8 - Default. Each of the following events constitutes a default under this Mixed-Finance ACC Amendment: (A) The draw down of public housing development funds (or HOPE VI funds, if applicable) under the proposal in amounts greater than authorized, or in amounts greater than allowed by the pro rata drawdown requirements in Exhibit G of this Mixed- Finance ACC Amendment; (B) Breach of any approved performance schedule; or (C) Breach of any terms, covenants, agreements, provisions, or warranties of: (1) the HA, as set forth in this Mixed-Finance ACC Amendment; (2) the HA, as set forth in any agreement submitted to HUD as part of the evidentiary materials and entered into between the HA and the owner entity, partner, or other participating party relating to the proposal which, in the opinion of HUD, adversely affects the performance obligations of the HA, the owner entity, or other participating parties, as set forth in this Mixed- Finance ACC Amendment; and (3) the owner entity, partner, or other participating party, made in any agreement submitted to HUD as part of the evidentiary materials which, in the opinion of HUD, adversely affects the performance obligations of the HA, the owner entity, partner, or other participating party as set forth in this Mixed-Finance ACC Amendment. In consideration of the foregoing covenants, the parties do hereby set forth their seals: (SEAL) ATTEST: (Housing Authority) By (Chairperson) UNITED STATES OF AMERICA Secretary of Housing and Urban Development By (Official Title) EXHIBIT A [Exhibit A must include an identification of each participating party involved in the implemention of the full proposal, with an address and a contact person for each such party. If the proposal is being implemented in phases, list in Exhibit A-1 (through the applicable number of phases) the participating parties for each of the respective phases. If the identities of all participating parties are not known at the time this Mixed- Finance ACC Amendment is executed, this Mixed-Finance ACC Amendment shall be further amended to include the name, address and contact person for each such participating party.] EXHIBIT A - 1 PHASE 1 [Must be included at the time the Mixed-Finance ACC Amendment is executed.] EXHIBIT B [Exhibit B must include a description of the overall activities to be carried out under the proposal, in addition to the activities ascribed to, and the financing to be provided by, each participating party. If the proposal is to be implemented in phases, also describe the activities and financing by phase in Exhibits B - 1 through the applicable number of phases. This Exhibit must be amended if all of the foregoing information (for any phase subsequent to the first phase) is unavailable at the time this Mixed-Finance ACC Amendment is executed.] Overall Description EXHIBIT B - 1 PHASE 1 [Must be included at the time the Mixed-Finance ACC Amendment is executed.] EXHIBIT C [Exhibit C must include an identification of the total number of public housing units to be developed under the proposal, with a breakdown by bedroom count. I. Proposed number of public housing units . II. Breakdown of public housing units by bedroom count: [If the proposal is to be implemented in phases, provide the above information for each phase on Exhibits C - 1 through the applicable number of phases. If the number of public housing units, or the breakdown by bedroom count, in any particular phase subsequent to the first phase is unavailable at the time this Mixed-Finance ACC Amendment is executed, such information must be included by amendment to this Exhibit.] EXHIBIT C - 1 PHASE 1 [Must be included at the time the Mixed-Finance ACC Amendment is executed.] EXHIBIT D DEVELOPMENT SCHEDULE I I. The evidentiary materials described in Exhibit E of this Mixed-Finance ACC Amendment must be submitted to HUD by the HA no later than: [SPECIFY THE DATE BY WHICH ALL EVIDENTIARY MATERIALS MUST BE SUBMITTED OR, IF THE PROPOSAL IS TO BE IMPLEMENTED IN PHASES, FOR PHASE 1.] II. If the proposal is to be implemented in phases, for each phase (subsequent to the first phase) the proposal submission package and the evidentiary materials, as described in Exhibit E, must be delivered to HUD no later than the following dates: Date for Proposal Date for Evidentiary Submission Package Materials Phase 2 [six months after submission package date] Phase 3 [six months after submission package date] III. Upon HUD's notification to the HA of its approval of the evidentiary materials required to be submitted under paragraph (I) of this exhibit, the HA shall be authorized to draw down public housing development funds (or HOPE VI funds, if applicable) for the implementation of the proposal, or the applicable phase of the proposal, in accordance with all applicable requirements, including Section 7 of this Mixed- Finance ACC Amendment. IV. The activities described in the HA's proposal at Exhibit B of this Mixed-Finance ACC Amendment shall be commenced and completed in accordance with the following schedule: Activity Commencement Date Completion Date [If the proposal is to be implemented in phases, provide the above information for each phase in Exhibits D - 1 through the applicable number of phases. If the commencement and completion dates for any particular phase, subsequent to the first phase, are unavailable at the time this Mixed-Finance ACC Amendment is executed, such information must be included in the proposal submission package and included in this Exhibit by amendment.] EXHIBIT D - 1 PHASE 1 The activities described in the HA's proposal at Exhibit B of this Mixed-Finance ACC Amendment shall be commenced and completed for Phase 1 in accordance with the following schedule: Activity Commencement Date Completion Date [Must be included at the time the Mixed-Finance ACC Amendment is executed.] EXHIBIT E REQUIRED EVIDENTIARY MATERIALS The evidentiary materials to be submitted by the HA to HUD must be in one complete package or binder(s) (or, if applicable, in one complete package or binder for each phase), with an index describing the material submitted, under tabbed dividers. All evidentiary materials must be submitted in accordance with the provisions of Section 6 of this Mixed-Finance ACC Amendment and for each phase (if applicable) must consist of the following: I. All government approvals and permits necessary for the commencement of the activities in the proposal have been obtained or provided. Evidence of this requirement may be a written original certification from the HA. A B. C. D. E. II. Evidence that title to all land necessary to the implementation of the proposal is held by the HA, the owner entity, or the appropriate participating party. III. All agreements required or permitted to be entered into between the HA, the owner entity, partner or participating parties under this Mixed-Finance ACC Amendment. A. B. C. D. E. F. G. H. IV. Evidence of loans, notes, mortgages, deeds of trust, use restrictions, closings, bond sales, or other financing arrangements, whether private or public financing, necessary to the accomplishment of the proposal (unless any such documents are specifically excluded from the evidentiary materials that must be submitted): A. B. C. D. E. F. G. V. Legally binding commitments, agreements, and all other documents as required to satisfy the requirements of this Mixed-Finance ACC Amendment, to be submitted to HUD for approval, must include (but is not limited to) the following for each phase, as applicable: [Following is a sample listing of documents that may be required for each Mixed-Finance ACC Amendment]: A. Copy of a deed restriction, covenant running with the land, ground lease, or other arrangement, of public record, that will assure to the satisfaction of HUD that the public housing units will be subject to a covenant obligating the owner entity and the HA, and any successors in title (including any successor who acquires title to the owner entity's or HA's estate through foreclosure) to: (1) maintain and operate the public housing units for the period required by law in compliance with all applicable public housing requirements, including the ACC between the HA and HUD, and this Mixed-Finance ACC Amendment; and (2) not to encumber, demolish or sell the public housing units without HUD approval. B. A regulatory and operating agreement that provides, among other things, for: (a) a methodology acceptable to HUD for distribution of a portion of the HA's operating subsidy to the public housing units; and (b) binding assurances that the percentage of public housing units and number of bedrooms will be maintained, together with an Authority Reserve Escrow Agreement executed by the HA, the owner entity, and a financial institution acting as escrow agent thereunder. C. A cooperation agreement executed by and between the HA and the applicable local jurisdiction. If the cooperation agreement does not specifically cover the proposed mixed-finance units, the HA must also submit an opinion from counsel for the applicable locality affirming that the proposed mixed-finance units are covered under the existing cooperation agreement between the locality and the HA. D. A guarantee of completion from to the HA. E. A partnership agreement and/or a development agreement executed by and between the HA, the partner, and the owner entity that establishes the relationships among the parties with respect to carrying out the proposal, including all rights and liabilities (financial and otherwise) of the parties and the respective commitments of the parties with respect to carrying out the proposal. F. A management plan for the proposed development, and a management agreement executed by the owner entity and the management agent. G. A loan agreement providing for the loan of public housing development funds (or HOPE VI funds, if applicable) to the owner entity, in accordance with the approved proposal. H. A copy of the limited partnership agreement of the owner entity, executed by the equity investor(s); a copy of the offering statement or syndication prospectus; a statement by the depository of the funds certifying that the limited partnership interests have been sold and as to the amount of such proceeds that are available for implementation of the proposal; and an opinion of the owner entity's counsel, addressed to HUD. I. Alternative management plan. An alternative management plan between the HA and the owner entity concerning the proposed method of dealing with a reduction in operating subsidy for the public housing units in the event of cutbacks in appropriated operating funds, or because of other changes in applicable law. J. [The loan documents required under item (IV) of this Exhibit F may specifically exclude the following documents: 1. [Loan documents approved by the Federal Housing Commissioner;] 2. 3. 4. K. A copy of the review and approval form executed by the appropriate official conducting the subsidy layering review pursuant to section 102 of the HUD Reform Act of 1989. L. Copies of all executed development-related contracts. M. The HA shall also submit to HUD for review and approval the following evidentiaries: 1. 2. 3. 4. 5. 6. 7. EXHIBIT E - 1 PHASE 1 [Evidentiary materials that relate specifically to Phase 1 include the following: ] [Must be included at the time the Mixed-Finance ACC Amendment is executed.] EXHIBIT F This Exhibit is the revised budget for the entire proposal, including all public and private sources of funds, as applied to the uses (by category), as approved by HUD. EXHIBIT F - 1 PHASE 1 This Exhibit is the Budget for Phase 1 of the proposal, including all public and private sources of funds, as applied to the uses (by category), as approved by HUD. [Must be included at the time the Mixed-Finance ACC Amendment is executed.] EXHIBIT G 1. Public housing development funds (or HOPE VI funds, if applicable) needed for the implementation of the proposal (or, if the proposal is being implemented in phases, for Phase 1 and any other phase for which no separate ratio is specified on Exhibits G - 2 through the applicable number of phases), may be drawn down under this Mixed-Finance ACC Amendment only in a ratio to other public and private funds in the proposal of not more than $1.00 of public housing development funds (or HOPE VI funds, if applicable) to $ of the aggregate amount of other public and private funds provided for in the proposal, excluding any amounts agreed to by HUD, as provided below. The dollar amount to which this ratio applies is $ (provided, however, that if the proposal is to be implemented in phases and no other ratio is specified for any phase subsequent to Phase 1, this amount shall be deemed to be increased to the total amount of the proposal. 2. Set forth below are the amounts and uses of funds that have been excluded, solely for the purposes of establishing the draw down ratio, from the aggregate amount of public and private funds to be provided under the proposal. The following amounts are not subject to the draw down ratio requirement of Section 7 of this Mixed-Finance ACC Amendment (include amounts for front-end assistance approved by HUD): AMOUNT PURPOSE $ [specify] $ TOTAL [Any separate ratio that is applicable to any other phase of the proposal must be set forth in the respectively numbered Exhibit, with any exclusions specified as required under item 2 of this Exhibit.] HUD issuance date: November 25, 1996