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FIFTH AMENDMENT TO AGREEMENT
<br />WITH HABITAT FOR HUMANITY GREATER SAN
<br />FRANCISCO FOR FUNDS TO ACQUIRE 612 JEFFERSON
<br />THIS FIFTH AMENDMENT TO AGREEMENT ("FIFTH Amendment") is made and entered
<br />into this 261h day of February , 20213 by and between the CITY OF REDWOOD CITY, a
<br />charter city and municipal corporation of the State of California ("City") and HABITAT FOR
<br />HUMANITY GREATER SAN FRANCISCO, INC., a California nonprofit organization ("Contractor";
<br />collectively the "Parties").
<br />RECITALS:
<br />WHEREAS, the Parties are parties to that certain Agreement, dated February 24, 2015 (the
<br />"Original Agreement"), whereby the City agreed to provide Contractor One Hundred Fourteen
<br />Thousand Eight Hundred Ninety Five and no/100 dollars ($114,895) of financial assistance, in the
<br />form of federal Community Development Block Grant Program ("CDBG") funds, to assist Contractor in
<br />acquiring property located at 612 Jefferson Avenue in Redwood City to be used to construct up to
<br />twenty (20) units of affordable ownership housing for low income households, as more specifically
<br />described in the Original Agreement; and
<br />WHEREAS, on October 22, 2015, the Parties executed an Amendment to Agreement ("First
<br />Amendment") in order for City to provide Contractor with additional CBDG funds in the amount of
<br />$161,598 to assist Contractor in paying for certain pre -development costs of the Project, and the
<br />City agreed to do so, as provided in the First Amendment; and
<br />WHEREAS, on June 28, 2016, the Parties executed an Amendment No. 2 to Agreement
<br />("Second Amendment') in order to extend the Period during which the $276,493 in funding may be used,
<br />from June 30, 2016 to June 30, 2017, and the City agreed to do so, as provided in the Second Amendment;
<br />and
<br />WHEREAS, on May 22, 2017, the City Council adopted Resolution 15588 approving the
<br />development of a twenty (20) unit affordable residential ownership project at 612 Jefferson (the
<br />"Project"); and
<br />WHEREAS, on September 19, 2019, the Parties executed an Amendment No. 3 ("Third
<br />Amendment") to implement the conditions of approval that require that the Project remain
<br />affordable to low-income households for a period of not less than fifty (50) years; and
<br />WHEREAS, on March 5, 2020, the Parties executed an Amendment No. 4 ("Fourth
<br />Amendment') in order for City to provide Contractor with additional CBDG funds in the amount of
<br />$360,000 for certain pre -development costs of the Project (the Original Agreement, First Amendment,
<br />Second Amendment, Third Amendment, and Fourth Amendment are collectively referred to herein
<br />as the "Agreement'); and
<br />WHEREAS, the Parties have now agreed that City will no longer provide the additional funds
<br />in the amount of $360,000 for certain pre -development costs per the terms in the Fourth Amendment.
<br />Instead, the Contractor has asked and City has agreed to provide Contractor with additional CDBG
<br />funds of $200,000 disposition costs; and
<br />WHEREAS, Contractor is required to record an Affordability Deed Restriction containing the
<br />provisions of Addendum to Grant Deed, attached as Exhibit C to the Agreement, at the time of sale
<br />when Eligible Households acquire title to the dwellings to be built on the site being funded under the
<br />Agreement. The Parties have now agreed that a Grant of Option to Repurchase and Resale Restriction
<br />Agreement between Contractor, City and each Eligible Household will satisfy this requirement. Thus,
<br />REV: 02-24-21 PR
<br />ATTY/AGR.2021/Amend No. 5/Habitat for Humanity - 612 Jefferson (5th CDBG Grant Agreement Amendment) (Page 1 of 5)
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