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WHEREAS, since entering into the grant administration contract, the <br />Local Government generated an additional $1,695,639.41 in Program Income <br />(PI) funds above and beyond the original DEO grant award of $4,680,825.00 <br />from the re -sale of twenty seven (27) previously foreclosed housing units; and <br />WHEREAS, DEO had originally advised Local Government that these PI <br />funds were required to be returned to DEO for redistribution to eligible <br />communities at a later date, therefore, the PI funds were not originally included <br />as part of Administrators contract; and <br />WHEREAS, DEO later revised its position on PI funds and allowed the <br />Local Government to retain and use all of the PI funds it received to continue <br />eligible NSP1 activities; and <br />WHEREAS, with the assistance of the Administrator, the Local <br />Government used over $1.69 million in Program Income funds to purchase, <br />renovate and sell or lease twelve (12) additional housing units; and <br />WHEREAS, the Local Government and the Administrator mutually agree <br />to significant changes to the March 3, 2009 Contract to recognize the additional <br />work the Administrator completed using the additional and unanticipated $1.69 <br />million in PI funds. <br />NOW, THEREFORE, in consideration of the mutual promises and <br />covenants, the parties agree to the following Amended Contract: <br />2 <br />