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<br />"Regulations" means either the CDBG Regulations or the HOME Regulations, or both, <br /> <br />depending upon the context. <br /> <br />2. SCOPE <br /> <br />The Authority and Municipality will cooperate to undertake or assist in undeliaking <br /> <br />community renewal and low and moderate income housing assistance activities and other <br /> <br />eligible activities authorized by the CDBG Act and HOME Act. <br /> <br />The Authority and Municipality will cooperate in establishing priorities and in <br /> <br />preparation of the application for a grant. The Authority will prepare and submit to HUD and <br /> <br />appropriate reviewing agencies, all necessary applications for a basic grant amount under the <br /> <br />CDBG Act and the HOME Act. <br /> <br />In preparing the grant application and allocating grant funds received, the Authority will <br /> <br />consider projects proposed by the Municipality. The Authority reserves the right to propose <br /> <br />projects which are both consistent with the mutually established goals, needs and priorities and <br /> <br />within its statutory implementation authority. No Municipality shall be required to propose a <br /> <br />project. <br />The Authority shall have final responsibility for selecting projects and will distribute to <br /> <br />the Municipality such funds as are determined appropriate for the Municipality to use in <br /> <br />implementing a project. The Authority may implement projects within the Municipality as arc <br /> <br />detennined appropriate by the Authority. <br />3. TERM <br /> <br />The tenn of this Agreement is for Federal Fiscal Years 2007 - 2009. The Agreement <br /> <br />remains in effect until the CDBG and HOME funds and program income received with respect to <br /> <br />activities carried out during the initial three year qualification period, and any successive <br />