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Exhibit B <br /> (Program and Project Description) <br /> PROGRAM/PROJECT DESCRIPTION � REQUIREMENTS <br /> 1. Pro�ect Description and Eli�ible Costs. Funds hereunder are provided <br /> pursuant to Section 570.201 of the Code of Federal Regulations for the <br /> Community Development Block Grant Program (CDBG) Program. CDBG funds <br /> of One Hundred Fourteen Thousand Eight Hundred Ninety Five and no/100 <br /> dollars ($114,895) provided under this Agreement shall be used to assist in the <br /> acquisition of a site located at 612 Jefferson Avenue, Redwood City, Califomia <br /> ("ProjectA or°Property"). <br /> The Project is a site acquisition for the purpose of development and construction <br /> of ownership housing. Contractor proposes to build up to 20 units in a five story <br /> building on the vacant lot at 612 Jefferson Avenue near downtown Redwood <br /> City. The 0.11-acre site is located within the Downtown Precise Plan area and <br /> four residential storiss over ground-level parking are proposed. The project will <br /> serve up to 20 low-income families, who will be able to build limited equity and <br /> pay no more than 30% of their income toward housing costs. Each Habitat for <br /> Humanity partner family contributes at least 500 hours of "sweat equity" toward <br /> the building of their home in lieu of a monetary down payment, and pays a zero <br /> percent mortgage over an average term of 30 years. Habitat for Humanity homes <br /> are deed restricted to remain affordable for a minimum of 30 years so the <br /> affordability can be passed on to future homeowners. <br /> The new housing that will be constructed on the site acquired with the assistance <br /> of CDBG funds provided under this Agreement will meet all applicable state and <br /> local codes, ordinances and housing standards. Contractor must maintain <br /> Property in accordance with property standards throughout the affordability <br /> period in addition to all other applicable laws, ordinances, rules and regulations <br /> of federal, state, county or municipal governments or agencies now in force or <br /> that may be enacted hereafter that govem the Project. <br /> Contractor estimates the initial occupancy will be in September, 2018. All units in <br /> the project will be subject to CDBG requirements. The table below is the <br /> estimated Project budget. <br /> Sources and Uses-20 unit scenallo ' <br /> POTENTIAL SOURCES Total Sources <br /> Public <br /> Redwood Cit 2014-2015 rant $300,000 <br /> Redwood Cit 2015-2016 rant $600,000 <br /> Redwood Cit HUD : CDBG 2014-2015 rant $114,895 <br /> Redwood Cit HUD : CDBG/HOME 2015-16 rant $400,000 <br /> REV:02-05-15 VR <br /> Page 19 of 33 <br /> ATTY/AGR.2015.025/Habitat for Humanity GSF Jefferson Site Acquisition <br />